30,490,000,000,000 SHIB Activated Amid $687 Million Market Sell-Off

Shiba Inu Experiences Price Dip Amid Broader Crypto Market Sell-Off

As the cryptocurrency market continues its sell-off, the dog-themed cryptocurrency Shiba Inu (SHIB) has seen a price dip in the early Saturday session. At the time of writing, SHIB is down 5.25% in the last 24 hours, trading at $0.00001257, and down 12.69% weekly.

After a brief consolidation towards the end of May, the Shiba Inu price began to decline on May 28 and will mark the fourth day of losses if today closes in the red. In Friday's session, SHIB fell sharply below the daily SMA 50 at $0.00001378 for the first time in weeks, specifically since April 22.

If the Shiba Inu price remains below the 50-day SMA, it may indicate that the bulls are exiting the market. Shiba Inu's price could fall to $0.00001, at which point buyers are expected to step in. A bounce off $0.0001 may signal short-term range trading.

The larger crypto market has also seen a sell-off, with major cryptocurrencies dropping. A total of $687 million in liquidations slammed traders, with 89% of them, or $600 million, on the long side, suggesting a heavily bullish market. The largest single liquidation order was a $12.25 million BTC/USDT on OKX, according to CoinGlass data.

A price reversal might be on the horizon as a cascade of liquidations may indicate a market turning point due to an overreaction in market sentiment.

Shiba Inu extended its decline in Saturday's session to lows of $0.00001226, entering a range where 30.49 trillion SHIB were previously bought. According to IntoTheBlock data, 30.49 trillion SHIB tokens are held by 64,000 addresses in the range of $0.000012 and $0.000013.

As Shiba Inu trades in this cluster, all eyes are on where it will go next. Support sits next at $0.000008 and $0.000012, where 60.37 trillion SHIB currently sits. Massive resistance lies at $0.000014 and $0.000019, where 577.47 trillion SHIB were previously bought.