Shiba Inu (SHIB) $0.000012188, the world’s second-largest meme token by market capitalization, faced a sharp downturn alongside the wider crypto market, forming a bearish price pattern. Nevertheless, SHIB managed to outperform Dogecoin (DOGE) $0.2414, which saw heavier losses.
Over a 24-hour period, SHIB declined roughly 5%, falling from $0.000012888 to $0.000012188. The drop liquidated over $1 million in leveraged positions, predominantly long bets, reflecting a market that had been overly bullish, according to Coinglass data.
During the sell-off, resistance formed around $0.00001237, while support emerged at $0.00001197. Notably, the move represented a bearish breakout from a contracting triangle, defined by lows from June 22 to September 1 and highs from May 12 to July 21, suggesting potential further downside toward the June 22 low of $0.00001004.
Trading volumes surged to 5.29 trillion tokens, indicating a likely institutional liquidation event, per CoinDesk market analytics.
Key Market Observations:
- SHIB retreated 5% between Sept. 21, 15:00 and Sept. 22, 14:00, moving from $0.000012888 to $0.000012188.
- The token’s trading range extended to $0.000009441 (79%), with the sharpest decline hitting $0.000011975 on Sept. 22, 06:00 amid elevated volumes.
- Support held firm at $0.00001197, while resistance consolidated near $0.00001290, capping early-session gains.
SHIB-DOGE Pair Sees Recovery From Historic Lows
While SHIB fell 5%, DOGE suffered steeper losses of over 8%, allowing the Binance-listed SHIB-DOGE pair to bounce from record lows.
The pair’s daily MACD histogram is poised for a positive crossover, signaling a potential bullish shift in momentum. This suggests that SHIB may continue to outperform DOGE in the near term.
