Shiba Inu Faces Critical Support Level Amid Crypto Market Downturn
shiba Inu (SHIB), a popular Ethereum-based meme coin, has hit a critical support level as teh crypto market continues to struggle. On Wednesday, SHIB’s price rose to $0.00001199 after dipping to $0.00001145, its lowest since February 27.this represents a 65% drop from its lowest point this year.
The decline is linked to the broader crypto market’s performance. Bitcoin (BTC) and other altcoins have also retreated. Both SHIB’s fundamentals and technical indicators point to further downward pressure in the coming days.
One key metric is the Mean Dollar Invested Age (MDIA), which tracks how long each dollar’s worth of the coin has been inactive. Recent data shows a sharp drop in both 365-day and 90-day MDIA values. The 90-day figure fell from 66 to 46, and the 365-day value decreased from 205 to 143. This suggests increased coin movement and distribution.
Additionally, the number of active addresses on the network has declined. It has dropped to 3,350 from nearly 20,000 in December. The Shibarium network’s total value locked has also fallen from $6.4 million to $1.91 million.
Technical analysis shows SHIB has fallen below the 50-day and 200-day moving averages, forming a potential death cross. A double-top pattern at $0.00003345 with a neckline at $0.00001090 indicates a bearish trend. If SHIB breaks below $0.000010, it could drop to $0.000005830, a 45% decrease from current levels.
