Shiba Inu (SHIB) plummeted 7% in 24 hours, falling from $0.000015189 to $0.000014130 amid a broader cryptocurrency market downturn. Trading volumes surged to 4.33 trillion tokens – far exceeding historical averages – as SHIB breached critical support levels at $0.000014200, $0.000014000, and $0.000013950. Despite holding above the daily Ichimoku cloud (a potential long-term bullish signal), SHIB dipped below its 200-day SMA during the sell-off.
Concurrently, on-chain data reveals over 200 trillion SHIB tokens (20.78% of supply, worth $3.09 billion) are now in profit. This creates a psychological resistance ceiling between $0.000015-$0.000016 where profit-taking could accelerate. SHIB's recent failure to sustain above the 200 EMA after a brief bullish crossover signals waning momentum, with $0.00001450 acting as a crucial pivot level. A breakdown below this threshold risks triggering deeper corrections.
While 75% of tokens remain underwater – potentially limiting mass sell-offs – the convergence of technical breakdown and massive profitable supply threatens near-term stability. SHIB narrowly outperformed Dogecoin (DOGE), which fell 8.5% but maintained stronger technical positioning above key indicators.