Shiba Inu Drops 6.128% Amid Broader Crypto Market Sell-Off

Shiba Inu's latest price was $0.00001473, down 6.128% in the last 24 hours. The popular meme token has been experiencing significant market movements recently. The token's price action has shown a clear downtrend with consecutive lower highs, breaking through multiple support levels. This downward pressure is part of a broader trend affecting the entire cryptocurrency market, which has been influenced by shifting global economic conditions.

The most intense selling occurred during the 07:00 hour when the price collapsed, with volume nearly doubling the average trading rate. Technical analysis highlights that Shiba Inu dropped, representing a decline with an overall range. Price action formed a clear downtrend with consecutive lower highs, breaking through multiple support levels. High-volume selling occurred, with volume exceeding, establishing a critical support zone. Price action formed a V-shaped recovery pattern after reaching the session low, with increasing buying momentum pushing Shiba Inu back above the level.

Shiba Inu was not exempt from the bearish pressure, extending its drop from Wednesday's high into the second day. Following the price drop, Shiba Inu reached, at press time, Shiba Inu was down in the last 24 hours after dropping to an intraday low but up weekly. Shiba Inu rallied sharply in the past week, rising from May 5 to May 10. However, the rally encountered resistance near the range, and the Shiba Inu price subsequently slowed. Since May 11, Shiba Inu has marked out of five days in red, including today. A price surge to highs was cut short on May 12 amid a drop on the broader crypto market.

Given the current profit-taking, the focus has shifted to a key support where trillion Shiba Inu are being held, according to on-chain data. According to data provided by Sentora, next to where Shiba Inu trades presently is a support range between and, where trillion Shiba Inu were bought by addresses at an average cost basis of. Given the significant concentration of tokens and the number of addresses, this remains a keenly watched zone, with bulls positioned to defend the Shiba Inu price.

The Shiba Inu price today is hovering after slipping from a recent high near. This drop marks a retracement over the past three sessions, pulling Shiba Inu back into a former demand zone. While short-term indicators are flashing oversold conditions, broader price structure shows that bulls are attempting to hold this area as support. From a technical lens, the Parabolic SAR on the daily chart has flipped above price action, signaling a bearish trend continuation unless reversed. Meanwhile, the Bollinger Bands on the 4-hour chart show price falling below the mid-band and approaching the lower band, suggesting a potential volatility expansion on the downside.

Why Shiba Inu price going down today can be attributed to profit-taking after a sharp Shiba Inu price spike earlier this month. As seen on the 4-hour and daily charts, Shiba Inu faced heavy resistance near the level, triggering a sequence of lower highs. On the 30-minute chart, RSI has dipped to—deep in oversold territory—while MACD is printing widening red bars with a bearish crossover. This suggests short-term momentum remains against the bulls, and any rebound may face resistance around and. Despite the weakness, there is early evidence of support forming between and. This zone coincides with previous breakout levels and sits just above the 200 EMA on the 4-hour timeframe.

Shiba Inu's short-term fate hinges on its ability to hold above the horizontal demand zone marked near. The ascending trendline from the May 1 breakout remains intact on the 4-hour timeframe, intersecting with this level. On the daily chart, Shiba Inu is still trading above the major breakout region from April. However, the trend is weakening, and further downside could push price toward the 200-day SMA at. To reclaim bullish control, bulls must first flip into support and then attempt a re-test of, where a descending trendline currently caps the structure.

Shiba Inu whales have been known to make their presence known during major market moves, and the recent price recovery was no different. In the last week, these large investors have been returning to the market in varying degrees to take advantage of the Shiba Inu price rise above. However, there has been a turn in the tide as these large transaction volumes have suffered a notable decline in the space of one day. According to data from IntoTheBlock, Shiba Inu whale volumes have been rising steadily since the start of May. On May 12, it hit one of the highest levels for the month so far when the Shiba Inu price touched. In total, trillion Shiba Inu were moved in transactions carrying at least. This came out to a staggering in large transactions for the single day period. But this was short-lived as the direction changed rapidly.

By May 13, the large transaction volumes declined drastically as the transactions crashed by almost half. Large transaction volumes for the day came out to only trillion Shiba Inu, which is a 49% decline from the previous day’s numbers of trillion Shiba Inu. This brought the dollar figure to only. This crash in the large transaction volumes coincided with the slowdown of the crypto market rally. The Shiba Inu price had seen a small retrace from to in the one-day period and the large transactions had fallen in response. Given this, it suggests that these whale investors could’ve been moving so much Shiba Inu at the time to sell. It would explain the sell pressure that pushed the Shiba Inu price down, as well as the decline in the large transaction volumes, as they moved in favor of selling instead of buying.