Shiba Inu Faces Critical Support Level Amid crypto Market Downturn
Shiba Inu (SHIB), a popular Ethereum-based meme coin, has hit a critical support level as the crypto market continues too struggle. On Wednesday, SHIB’s price rose to $0.00001199, recovering slightly from its recent low of $0.00001145. This is a 65% drop from its lowest point this year.
The decline is linked to the broader crypto market’s performance. Bitcoin (BTC) and other altcoins have also retreated. Both SHIB’s fundamentals and technical indicators point to further price drops in the coming days.
One key metric is the Mean Dollar Invested Age (MDIA), which tracks how long each dollar’s worth of the coin has been inactive. Recent data shows a sharp decline in both 365-day and 90-day MDIA values. This suggests increased coin movement and distribution.
Additionally,the number of active addresses on the network has fallen from nearly 20,000 in December to just 3,350. The Shibarium network’s total value locked has also dropped significantly, from $6.4 million to $1.91 million.
Technical analysis reveals a bearish outlook. SHIB has fallen below the 50-day and 200-day moving averages, forming a double-top pattern. This suggests further price declines, with sellers targeting the $0.000010 level. A break below this could lead to a drop toward $0.000005830.
For more insights, check out the crypto news and Santiment data.
