Shiba Inu falls alongside the market, down 7%, but remains more resilient than Dogecoin

Shiba Inu Drops 7% Amid Broad Market Weakness, Yet Holds Above Key Trend Support

Shiba Inu (SHIB) extended its recent pullback on Tuesday, falling 7% in the past 24 hours as the broader crypto market faced a wave of selling pressure. Despite breaching its 200-day simple moving average (SMA), SHIB managed to stay above the Ichimoku cloud on the daily chart — a technical indicator often associated with longer-term bullish momentum.

The meme token narrowly outperformed its rival Dogecoin (DOGE), which slid 8.5% over the same period.

📉 Price Action Overview

  • SHIB dropped from $0.000015189 to $0.000014130, reflecting a steep 7% loss.
  • Trading volume surged to 4.33 trillion tokens — well above its 24-hour average — signaling aggressive selling pressure.
  • The token failed to reclaim the $0.000014200 resistance level, which had previously acted as key support.

🔍 Technical Breakdown

  • A rejection at $0.000015460 late on July 22 led to a downward reversal, with volume spiking to 926.18 billion tokens — nearly 37% above the daily norm.
  • A major breakdown occurred between 12:00 and 13:00 UTC on July 23, when SHIB plunged from $0.000014776 to $0.000014035 on over 4.3 trillion volume.
  • The coin then accelerated losses further, breaching multiple short-term support zones at $0.000014200, $0.000014000, and $0.000013950.
  • An intraday low of $0.000014060 was hit just before 14:00 UTC, followed by a modest bounce that failed to break back above $0.000014200.

đź“Š Market Context and Outlook

Despite recent volatility, SHIB’s ability to hold above the Ichimoku cloud suggests that its broader trend remains intact — for now. Continued failure to reclaim key resistance could invite deeper pullbacks, but a decisive bounce from current levels may revive bullish sentiment.

Dogecoin, by contrast, posted a steeper decline but continues to trade comfortably above its own 200-day SMA and cloud support — suggesting that major memecoins remain technically resilient, despite the selloff.

Traders will be closely monitoring whether SHIB can establish a base above the $0.000014000 mark and attempt a retest of the $0.000014200–$0.000014500 range in the coming sessions.

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