Key Insights
- Shiba Inu signals a bearish shift after a confirmed death cross forms on its 30-minute chart amid an extended sell-off.
- Nearly $1.06 billion in crypto positions were liquidated within 24 hours as global market stress triggers panic selling.
- SHIB loses 17% in one week, nearing key support at $0.000005, with broader market uncertainty adding downward pressure.
Shiba Inu has entered a technical downturn, confirming a death cross on its 30-minute chart following a sharp three-day decline. The cryptocurrency dropped from $0.00000702 on February 3 to $0.00000618, marking a steep drop within a short period. This price movement pulled the 50-period moving average below the 200-period moving average, triggering the bearish signal.
Thursday’s price action coincided with a broader cryptocurrency market wipeout. CoinGlass reported that over $1.06 billion worth of positions were liquidated in 24 hours. Bullish bets accounted for $894 million of the total, while $162 million came from short positions. The Nasdaq 100 also recorded losses, reflecting synchronized selling across equities and digital assets.
SHIB Faces Increased Selling Pressure
Shiba Inu was down over 8% in the last 24 hours at the time of reporting, falling to $0.00000626. Market sentiment remained negative, with leading tokens such as XRP and Zcash registering losses close to 15%. Shiba Inu’s weekly drop reached 17%, contributing to an overall $500 billion reduction in crypto market capitalization.
Despite the prevailing downturn, SHIB may be forming a double bottom pattern. The January 31 low at $0.0000061 serves as a key level. A confirmation of this pattern could indicate a short-term relief rally if the broader crypto market stabilizes. However, the ongoing trend of lower highs and lows suggests continued downward pressure.
$0.000005 Support Level Comes Into View
Market participants are closely monitoring the $0.000006 support zone. If selling continues and this level fails to hold, SHIB may revisit the $0.000005 area. Additionally, macroeconomic uncertainty surrounding Federal Reserve policy and a strong U.S. dollar continue to weigh on investor sentiment.
The latest data confirms that Shiba Inu has shifted into a bearish short-term trend. With significant capital outflows and macroeconomic pressures intensifying, the token remains under strain as it approaches key technical support levels.
