Shiba Inu (SHIB), the second-largest meme cryptocurrency by market capitalization, experienced a significant price decline alongside the broader crypto market, confirming a bearish technical pattern. Despite the downturn, SHIB demonstrated relative strength compared to its main competitor Dogecoin (DOGE).
SHIB price decreased by 5% within 24 hours, falling from $0.000012888 to $0.000012188. This movement liquidated over $1 million in leveraged positions, predominantly long contracts, indicating underlying bullish sentiment according to Coinglass data.
Technical analysis reveals strong resistance at $0.00001237 following high-volume liquidations, with support forming at $0.00001197. The breakdown below the contracting triangle pattern, connecting June and September lows with May and July highs, suggests potential further decline toward the June 22 low of $0.00001004.
Trading volume surged to 5.29 trillion tokens during the breakdown, signaling substantial institutional selling activity according to CoinDesk analytics.
Key Market Insights
- SHIB faced significant selling pressure between September 21-22, declining 5% from $0.000012888 to $0.000012188
- The trading range expanded to $0.000009441 (79%), with the sharpest drop occurring on September 22 at 06:00 UTC when prices hit $0.000011975
- Strong support established at $0.00001197 with substantial buying interest, while resistance consolidated near $0.00001290
SHIB vs DOGE Performance Analysis
While SHIB declined 5%, Dogecoin dropped over 8%, causing the SHIB-DOGE trading pair to rebound from historical lows. The pair's daily MACD histogram shows signs of turning positive, indicating bullish momentum divergence that could signal continued SHIB outperformance against DOGE in the near term.
However, the overall market structure remains bearish as long as the descending trendline from March 2024 highs remains unbroken.