A remarkable 15.05 trillion shekels ($SHIB ) were traded in the past 24 hours, marking a 61% increase in trading volume.
Despite this surge in trading volume, the shekel ($SHIB ) price was negatively impacted, falling 6.52% over the past 24 hours to $0.00001055, a 12% decline over the week. This decline comes amid a widespread sell-off in the market, with over $701 million in liquidations reported across the cryptocurrency market.
Renewed uncertainty has turmoiled global markets, leading to a sharp decline in cryptocurrency prices. Over the past 24 hours, 175,725 traders were liquidated, with $618 million of that amount tied to long-term bets speculating on price increases.
Shiba Inu has been steadily declining since its June 11 high of $0.00001362, posting losses on 11 of the past 12 days, including today's loss.
The recent decline has pushed the Shiba Inu $SHIB
Towards critical support levels, where buyers may attempt to re-enter. Shiba Inu reached an intraday low of $0.00001028, having seen a rebound in April. The daily RSI also fell below oversold levels, indicating a potential recovery or at least a slight upside in the coming sessions.
Is a Shiba Inu reversal imminent?
On-chain trading metrics and whale tracking platforms have also noted an increase in movement by large holders, sparking speculation that a reversal could be on the horizon as whales prepare for a major move.
Large Shiba Inu holders' inflows surged 1,048% in seven days, following a sharp rise on June 16 to 15.05 trillion Shiba Inu, the highest levels in seven days and six months, respectively.
However, caution remains the order of the day. The weakness in the broader market and the continued heavy sell-off in altcoins could delay any recovery attempts; the $0.00001000 level remains a critical level that could spark a technical recovery.
A decisive break above the 50- and 200-day moving averages at $0.0000134 and $0.0000163 would signal a bullish reversal and the start of a new uptrend for Shiba Inu.
Currently, the cryptocurrency community is closely watching. With over 15 trillion tokens traded in a single day, momentum is definitely building. The question is: which way will it break?