Shiba Inu (SHIB) price pullback! Market volatility and support levels are key

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Recently, the price of Shiba Inu (SHIB) has retreated from recent highs and has fallen sharply in the past week. Due to the general caution of risk assets, the crypto market has been under pressure, and SHIB has not been immune. After four consecutive days of decline, Shiba Inu rebounded from a low of $0.0000185 and rose to $0.000024 during Saturday's trading session. But the rebound encountered resistance at this key level and began to lose upward momentum.

Crypto market generally lost money

The overall crypto market was dragged down by the decline of Bitcoin, especially after Bitcoin fluctuated around $100,000. According to CoinGlass data, the market decline led to the liquidation of $336 million in cryptocurrency positions, most of which were bullish bets, reaching $247 million. The Federal Reserve's recent signals that further interest rate cuts may be made next year have led to market turmoil and spread to cryptocurrencies.

SHIB faces key support challenges

As of now, SHIB price has fallen 7.29% in the past 24 hours to $0.000021, reflecting the continued selling pressure in the market. This decline has brought it close to key support levels, especially the $0.000019 and $0.00002 range. According to IntoTheBlock, there is a large amount of SHIB held at these price points, providing some support for SHIB. If market conditions improve, SHIB may rebound.

Technical and on-chain data

From a technical perspective, SHIB's key support levels are within the 200-day and 50-day moving average range, at $0.0000187 and $0.0000254 respectively. This suggests that the price may fluctuate in this range unless it breaks out in one direction. On-chain data also shows that large transaction volume has dropped by 81%, indicating that whale investors are staying on the sidelines and waiting for the market to stabilize before making decisions.

Shiba Inu (SHIB) faces the dual challenges of market volatility and technical support levels. If the support level holds, SHIB may avoid further declines, and if market conditions improve, it is expected to resume its rise. However, the current market sentiment remains cautious, and investors should remain vigilant and pay attention to the changes in key support levels in the next few days.

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