Shiba Inu's Most Crucial Support Revealed Amid $854 Million Crypto Market Crash
2025-01-27
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Dog-themed cryptocurrency Shiba Inu SHIBUSD has tested a crucial support zone amid the ongoing sell-off on the market, which has seen $854 million wiped out in liquidations across various digital assets.
According to Ali, a crypto analyst, the $0.0000185 to $0.0000212 range is the most critical support zone for Shiba Inu.
The $0.0000185 to $0.0000212 range stands as the most critical support zone for #ShibaInu $SHIB! pic.twitter.com/mKXcYtvqS1
Shiba Inu's price has slipped below this critical range due to market selling pressure. At the time of writing, SHIB was down 11.18% in the last 24 hours to $0.0000179.
Shiba Inu has broadly declined since reaching highs of $0.00002497 on Jan. 18. Shiba Inu will record six straight days of losses if today ends in the red. Overall, SHIB has marked seven out of nine days in losses taken from Jan. 18.
The drop has caused SHIB to lose support at the daily SMA 200 at $0.00001923, which has held it up since early November 2024. The daily RSI has fallen into the negative zone, indicating that profit-taking is currently underway.
SHIBUSD Daily Chart, Courtesy: TradingView">
In the coming days, eyes will be on SHIB to see if it will return to the crucial support zone identified, and especially the daily SMA 200, which could set the stage for a recovery rally, potentially targeting resistance levels around $0.000025.
Crypto market sees major sell-off
The crypto markets racked up $860 million in liquidations in the past 24 hours amid a broad sell-off. Bullish bets on increasing crypto prices lost $794 million as Bitcoin dipped below $100,000, causing several major cryptocurrencies to quickly lose momentum in a bearish start to the week.
Bitcoin fell below $99,000 early Monday as traders took profits ahead of this year's first Federal Open Market Committee meeting in the U.S., also tracking losses in U.S. stock futures.
The derivatives markets reflected these losses, with Bitcoin liquidations totaling $261 million in the last 24 hours. Shiba Inu saw $2.3 million in liquidations over this period.
The greatest single liquidation order occurred on HTX in a tether-margined BTC trade worth $98.46 million.