The Shiba Inu (SHIB) cryptocurrency has experienced notable downward pressure, dropping approximately 6-7% within a 24-hour period while still maintaining a 25% increase over the last month. This decline is part of a broader market correction following recent rallies in several cryptocurrencies, including Bitcoin and Ethereum. The SHIB token's price fell from around $0.0000159 to a low of $0.0000147, breaking multiple support levels and setting a downtrend characterized by consecutive lower highs. High-volume selling was observed, especially during early morning hours, which doubled typical trading volumes.
Despite this selling pressure, SHIB has shown signs of potential consolidation, with resistance formed around $0.0000152 and support near $0.0000148. This suggests the token may experience some stabilization before its next directional move. Analysts have highlighted a support zone between $0.000014 and $0.000015, where approximately 103 trillion SHIB tokens are held by over 362,000 addresses at an average cost of $0.000011. This concentrated holding acts as a critical support level that bulls are expected to defend.
The broader crypto market has seen a pullback after recent gains, with many traders booking profits. The Crypto Fear & Greed Index, which hit a high level indicating market overheating, has slightly moderated, signaling a more cautious environment. The large scale of SHIB holdings in the key support range may provide resilience against further sharp declines.