Shiba inu Faces Sharp Decline Amid Market Turmoil
on Sunday, June 22, Shiba Inu (SHIB) experienced a significant price drop. The token’s value fell to $0.000011, marking a 38% decrease from its May peak. This decline reflects the broader crypto market’s reaction to geopolitical tensions.
The U.S.-Iran conflict triggered a massive sell-off. SHIB’s market cap shrank from $19 billion in November to $6.4 billion. The U.S. military action against Iran’s nuclear sites sparked global market fears. This event caused widespread panic among investors, leading to a massive sell-off.
SHIB’s price drop mirrors the crypto market’s overall downturn. The U.S. military strike on Iran’s nuclear sites heightened global uncertainty. Cryptocurrencies, including SHIB, suffered as investors fled to safer assets. The token’s value tumbled, influenced by both external events and internal factors. Large holders, or whales, sold off their tokens, reducing their holdings by 80% in a month. Retail investors also joined the exodus, further pressuring the token. The futures market shows a decline in interest. Open interest, a measure of futures contracts, fell to $122 million, its lowest since May. the token’s price movement closely follows market trends.The price slide pushed SHIB below key support levels. The token’s price is now far from its November highs. The market capitalization dropped sharply, signaling a bearish trend. The token’s price is now at a critical point.
Technical indicators suggest a bearish outlook. The Relative Strength Index hit an oversold zone. However, there’s a glimmer of hope.A double-bottom pattern may signal a potential rebound. If SHIB holds above $0.00001030, a bullish scenario could unfold. A break below this level could mean more losses, possibly to $0.0000080. Yet, analysts see a potential turnaround. A double-bottom pattern hints at a possible recovery. If SHIB stays above $0.00001030, a bullish scenario could emerge. If it breaks this support, more declines are likely.
Key factors include reduced whale activity and lower smart money holdings.Whale holdings fell to 34 trillion,down 80%. Smart money holdings dropped by 33% in the past month.
Despite the current downtrend, there are signs of potential recovery. The token has formed a double-bottom pattern, which could signal a bullish reversal if it holds above $0.00001030. if this support holds, SHIB could rally towards the neckline at $0.00001765, a 62% increase from current levels. However, a break below $0.00001030 could invalidate this bullish outlook and led to further declines, potentially to $0.0000080.
Traders should monitor these levels closely. The future of SHIB depends on market sentiment and external factors. For more insights, visit crypto.news.
