Shiba Inu Drops 7% Amid Global Economic Shifts

The cryptocurrency market is experiencing shifts due to changing global economic conditions, with Shiba Inu (SHIB) facing significant downward pressure. The meme token's recent price action shows a clear downtrend with consecutive lower highs, breaking through multiple support levels.

The most intense selling occurred during the 07:00 hour when the price collapsed to 0.0000149, with volume nearly doubling the average trading rate. SHIB dropped from 0.0000159 to 0.0000149, representing a 6.4% decline with an overall range of 0.0000012 (7.5%). Price action formed a clear downtrend with consecutive lower highs, breaking through multiple support levels around 0.0000156 and 0.0000152. High-volume selling occurred during the 07:00 hour when the price collapsed to 0.0000149, with volume exceeding 1.43 trillion SHIB—nearly double the average trading volume.

Formation of resistance at 0.0000152 and support at 0.0000148 suggests potential consolidation before the next directional move. In the last hour, SHIB experienced significant volatility with a sharp decline from 0.0000151 to 0.0000147, followed by a modest recovery to 0.0000149. Most intense selling pressure occurred between 13:33-13:36, with volume spiking to over 83 billion SHIB at 13:35, establishing a critical support zone around 0.0000148. Price action formed a V-shaped recovery pattern after reaching the session low of 0.0000147 at 13:51, with increasing buying momentum pushing SHIB back above the 0.0000148 level.

Despite the recent 7% drop in SHIB's price, the cryptocurrency has shown resilience, maintaining a 25% increase over the last month. This volatility highlights the dynamic nature of the cryptocurrency market, where sudden price movements are not uncommon. The 7% drop in SHIB's price can be attributed to various factors, including market sentiment and investor behavior. However, it is important to note that this decline did not deter long-term holders, with over 78% of investors continuing to hold onto their tokens. This steadfastness suggests a strong belief in the long-term potential of SHIB, despite short-term price fluctuations.

The recent price dip also coincides with a 4% correction on Wednesday, where SHIB closed trading above the $0.000015 level. This correction was linked to controversy surrounding the cryptocurrency, although specific details were not provided. Despite this, SHIB's price has shown signs of recovery, indicating that the market is still bullish on the meme coin. The price movement of SHIB also highlights the impact of market sentiment on cryptocurrency prices. The recent price dip was preceded by a 7% price increase, which was driven by a spike in the number of SHIB tokens locked in dead-end wallets. This increase in locked tokens suggests that investors are confident in the long-term potential of SHIB and are willing to hold onto their tokens for an extended period.

In conclusion, the recent price fluctuations of SHIB highlight the dynamic nature of the cryptocurrency market. Despite a 7% drop in the past 24 hours, SHIB has shown resilience, maintaining a 25% increase over the last month. The steadfastness of long-term holders and the impact of market sentiment on cryptocurrency prices are key factors to consider when analyzing the price movement of SHIB. As the cryptocurrency market continues to evolve, it will be interesting to see how SHIB's price movement unfolds in the coming months.