Shiba Inu Hits Historic Low Amid Broader Crypto Market Sell-Off

• Shiba Inu (SHIB) reached an intraday low of $0.00000507, marking its lowest level since September 2021, amid a broader sell-off in the crypto market.
• The price drop has coincided with extreme fear levels on the Fear and Greed Index and has led to $2.44 billion in leveraged position liquidations in the last 24 hours.
• SHIB has also confirmed a death cross pattern, with its 50-day moving average falling below the 200-day average, contributing to a 7.5% price decline to $0.00000618.
• SHIB's price action has been marked by significant liquidation imbalances, with long positions being liquidated at a rate 9,000% higher than short positions, signaling a breakdown in buyer confidence.
• On-chain data shows some signs of accumulation, with SHIB exchange reserves dropping from 81.5 billion to 81.4 billion tokens, suggesting increased long-term holding behavior.
• Technical indicators for SHIB are mixed. While the RSI is near oversold territory and MACD bars are receding, the price remains below key moving averages, indicating bearish momentum.
• Analysts predict a potential 22% upside for SHIB to reach $0.0000085, but the probability of a price increase is currently very low, with bearish continuation expected unless SHIB reclaims key resistance levels.
• The SHIB ecosystem includes Shibarium, an Ethereum-based Layer-2 blockchain designed to reduce gas fees and improve transaction speed, contributing to long-term scalability and functionality.

• The broader crypto market has also been affected, with Bitcoin falling below $70,000 for the first time in over a year, triggering selloffs in meme coins like SHIB, Dogecoin, and Pepe.

• Token burns have removed over 40% of SHIB's total supply, aiming to increase scarcity and support long-term value, although recent burn activity has declined by 19.50% in the last 24 hours.

• Despite the overall bearish trend, some projects like Midnight (NIGHT), Hyperliquid (HYPE), and Monero (XMR) are showing signs of accumulation and independent strength, offering rare 'risk-on' opportunities in the current market.
• Looking ahead, SHIB's long-term prospects depend on continued community engagement, ecosystem integration, and broader market conditions, with potential resistance levels at $0.0000077 and $0.00001 to watch for any rebound.