The cryptocurrency market is feeling the effects of shifting global economic conditions as Shiba Inu (SHIB) faces significant downward pressure.
The meme token’s recent price action shows a clear downtrend with consecutive lower highs, breaking through multiple support levels.
The most intense selling occurred during the 07:00 hour when price collapsed to 0.0000149, with volume nearly doubling the average trading rate.
Technical Analysis Highlights
- SHIB dropped from 0.0000159 to 0.0000149, representing a 6.4% decline with an overall range of 0.0000012 (7.5%).
- Price action formed a clear downtrend with consecutive lower highs, breaking through multiple support levels around 0.0000156 and 0.0000152.
- High-volume selling occurred during the 07:00 hour when price collapsed to 0.0000149, with volume exceeding 1.43 trillion SHIB—nearly double the average trading volume.
- Formation of resistance at 0.0000152 and support at 0.0000148 suggests potential consolidation before the next directional move.
- In the last hour, SHIB experienced significant volatility with a sharp decline from 0.0000151 to 0.0000147, followed by a modest recovery to 0.0000149.
- Most intense selling pressure occurred between 13:33-13:36, with volume spiking to over 83 billion SHIB at 13:35, establishing a critical support zone around 0.0000148.
- Price action formed a V-shaped recovery pattern after reaching the session low of 0.0000147 at 13:51, with increasing buying momentum pushing SHIB back above the 0.0000148 level.
Disclaimer: This article was generated with AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy. This article may include information from external sources, which are listed below when applicable.
External References
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