According to CoinMarketCap data, an eye-catching 15.05 trillion SHIB has changed hands in the last 24 hours, marking a 61% surge in volumes.
Despite the surge in trading volume, SHIB’s price has taken a hit, dropping 6.52% in the past 24 hours to $0.00001055 and down 12% on the week. The drop comes amid a broader market-wide sell-off, with over $701 million in liquidations reported across the crypto space.
Fresh uncertainty had rattled global markets, sending cryptocurrencies into a tailspin. In the last 24 hours, 175,725 traders were liquidated, with $618 million of that total related to long bets that speculated on rising prices.
SHIB/USD Daily Chart, Courtesy: TradingView
Shiba Inu has steadily decreased since its June 11 high of $0.00001362, with 11 out of 12 days in red, including today’s loss.
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The recent drop has pushed SHIB closer to crucial support levels, where buyers may attempt to reenter. SHIB’s price hit intraday lows of $0.00001028, where it saw a rebound in April. The daily RSI has also dipped below oversold levels, implying that a rebound or at least a relief rally is possible in the coming sessions.
Is SHIB reversal imminent?
On-chain metrics and whale tracking platforms have also observed increased movement from large holders, fueling speculation that a reversal could be on the horizon as whales position themselves for a major move.
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Shiba Inu large holder inflows have increased by 1,048% in seven days, following a dramatic surge on June 16 to 15.05 trillion SHIB, a seven-day and six-month high, respectively.
However, caution is still the name of the game. Broader market weakness and continued sell-offs across altcoins could delay any recovery attempts; $0.00001000 remains a critical level that could spark a technical rebound.
A decisive break above the daily moving averages of 50 and 200 at $0.0000134 and $0.0000163 would signal a bullish reversal and the start of a new uptrend for Shiba Inu.
For now, the crypto community is watching closely. With over 15 trillion tokens traded in a single day, momentum is certainly growing. The question is, which way will it break?
