Recent data from Coinmarketcap shows that an impressive 15.05 trillion Siv has changed hands in just the last 24 hours, marking a 61% increase in trading volume.
Yet, despite this surge, Shiv’s price has dropped by 6.52% over the same period, settling at $0.00001055, which is a 12% decline for the week. This drop coincides with a broader selloff across the market, with more than $710 million in liquidations reported within the crypto space.
Global market uncertainties are creating turbulence, leading to significant movements in cryptocurrency. In the past day, 175,725 traders faced liquidation, with around $618 million tied to long positions that anticipated price increases.
Shiba Inu has experienced a steady decline since reaching a high of $0.00001362 on June 11, marking 12 consecutive days of losses, including today’s figures.
This downward trend has brought Shiv closer to a critical support level, where buyers might look to re-enter the market. At one point during the day, the price dipped to $0.00001028, recalling rebounds from previous months. Additionally, daily RSIs falling below the oversold level suggest that a rebound or at least a temporary rally could be feasible in upcoming sessions.
Will Shib See a Reversal Soon?
Metrics from blockchain analysis and whale tracking services indicate an uptick in movement from significant holders, hinting that a reversal might be on the horizon as these whales position themselves for larger trades.
Notably, the influx of large Shiba Inu holders surged by 1,048% over the past week, reaching 15.05 trillion Sv—levels not seen in both the last week and the last six months, following a notable spike on June 16.
However, the market remains fragile. Ongoing sales across various altcoins might hinder any recovery attempts. The price of $0.00001000 is a crucial level that could prompt technical rebounds.
A decisive break above the daily moving averages of $0.0000134 and $0.0000163 could signal a bullish trend and the start of new upward momentum for Shiba Inu.
For now, the crypto community is keeping a close eye on the situation. With over 15 trillion tokens traded daily, the momentum is palpable. The lingering question is, which direction will this take?
