(SHIB), the dog-themed token, is facing renewed pressure, as market weakness drives its prices down. The cryptocurrency market witnessed a significant decline at the start of Sunday’s session, with very few crypto assets trading in an upward direction. This trading weakness followed a broad sell-off during the past week, as investors sought to take profits and ease macroeconomic uncertainty pressures.
As a result, according to CoinGlass, liquidations worth $131 million swept through the cryptocurrency market in the last 24 hours, with $83 million of long positions being liquidated.
In the block
Amid these fluctuations, a key level on the Shiba Inu chain has become a point of focus, with 23.21 trillion Shiba Inu being held, and its price is currently hovering around this level. According to recent IntoTheBlock data, 23.21 trillion Shiba Inu is held at an average cost of $0.000012 by 60,380 addresses.
What comes next?
Shiba Inu continued its decline from its peak on June 11 at $0.00001362 for the fifth consecutive day. The drop tested the support level at $0.00001141 to rise slightly, but the bulls could not gain momentum.
A death cross appeared on Shiba Inu’s hourly chart during the intense sell-off on Friday, which saw significant losses for major altcoins and liquidations exceeding a billion dollars. Since then, the price of Shiba Inu has mostly stabilized, with the market watching for its next move.
At the time of writing this report, the price of Shiba Inu has dropped by 1.37% over the past 24 hours to $0.000012 and has decreased by 4.79% weekly.
With Shiba Inu facing downward pressure, the level of $0.000012, where 23.21 trillion Shiba tokens were previously purchased, appears to be a potential line of defense for bullish investors. Should this level be lost, Shiba Inu may test the next support range, where 233,080 addresses hold 45.93 trillion Shiba tokens at an average price of $0.00001.
On the other hand, immediate resistance is at the level of $0.000013, which is the average cost basis for 39.36 trillion SHIB.
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