Shiba Inu has faced sharp declines in the last 48 hours, with a crucial support now being tested.
SHIB fell by the most in three weeks: on Sunday, Shiba Inu closed the session with a 4.2% drop, hitting a low of $0.00001369. The sell-off worsened early Monday, with Shiba Inu reporting losses of 4.82% according to CoinMarketCap, reaching an intraday low of $0.00001297.
Shiba Inu had attained a high of $0.00001484 after rising for seven consecutive days in a row since Sept. 6. Taken from this high, Shiba Inu has fallen 13% within two days, and the drop now tests the key support at the daily SMA 200.
SHIB/USD Daily Chart, Courtesy: TradingViewShiba Inu’s price drop comes as the broader market traded down early Monday in reaction to macroeconomic concerns and profit taking. A total of $425 million has been liquidated across various crypto assets in the last 24 hours, according to CoinGlass data.
Meme coins were among the hardest hit: Dogecoin was down 7.91% in the last 24 hours, and PEPE and Bonk reported losses of nearly 7% as well. Shibarium gas token BONE was down 4.19% following a Shibarium bridge incident over the weekend, which resulted in a $2.4 million token loss.
SHIB tests crucial support
Shiba Inu extended its drop from its Sept. 13 high of $0.00001484 into the second day to a low of $0.00001297, and in the process, tested support at the daily SMA 200 at $0.00001298.
In the coming sessions, it will be seen if Shiba Inu will perform a successful test of support at this key level and hold above it. If this is achieved, Shiba Inu might attempt a return above $0.000013, before the $0.000014 and $0.00001484 highs.
On the other hand, if the recent drop intensifies, Shiba Inu would test the support next at $0.00001279, which coincides with the daily SMA 50 ahead of $0.00001181.
Source: https://u.today/shib-price-crash-crucial-support-now-tested
