Shiba Inu Drops 0.277% Amid Broader Market Weakness

Shiba Inu's latest price was $0.00001203, down 0.277% in the last 24 hours. The cryptocurrency has been experiencing downward pressure due to broader market weakness, with the crypto market largely trading in the red. This lackluster trading action followed a significant sell-off over the past week as investors took profits and weighed macroeconomic uncertainty. Shiba Inu extended its drop from the June 11 high into the fifth day. The drop tested support at $0.00001141 to slightly rebound, but bulls were unable to gain momentum. A death cross emerged on Shiba Inu's hourly chart during the Friday sell-off, which saw major altcoins taking significant hits. Since then, Shiba Inu's price has mostly stalled, with the market anticipating the next course of action.

As SHIB faces downward pressure, the $0.000012 level, where 23.21 trillion SHIB tokens were previously bought, is appearing as a potential line of defense for bulls. If this level is lost, Shiba Inu might test the next support range, where 45.93 trillion SHIB tokens are held at an average price of $0.00001 by 233,080 addresses. On the other hand, immediate resistance lies at $0.000013, the average cost basis for 39.36 trillion SHIB. Shiba Inu (SHIB) has recently experienced downward pressure, dipping below key support levels and reflecting broader market uncertainty. Despite ongoing development of its Layer-2 solution, Shibarium, SHIB’s price action remains largely speculative and disconnected from fundamental progress.

Shiba Inu (SHIB) is once again under pressure as broader market weakness pushes prices lower. The crypto market is largely trading in the red in the early Sunday session, with barely a few crypto assets trading in the green. The lackluster trading action followed a significant sell-off over the past week as investors took profits and weighed macroeconomic uncertainty. Shiba Inu extended its drop from the June 11 high into the fifth day. The drop tested support at $0.00001141 to slightly rebound, but bulls were unable to gain momentum. A death cross emerged on Shiba Inu's hourly chart during the Friday sell-off, which saw major altcoins taking significant hits. Since then, Shiba Inu's price has mostly stalled, with the market anticipating the next course of action.