SHIB plunges 7% as crypto markets wane—but avoids the deeper losses seen in DOGE

Shiba Inu Slides 7% but Holds Long-Term Support as Meme Coin Rivalry Intensifies

Shiba Inu (SHIB) declined sharply in the last 24 hours, falling 7% amid widespread selling across the crypto market. Despite losing its grip on the 200-day simple moving average (SMA), the token managed to stay above the Ichimoku cloud — a positive signal for long-term trend watchers.

The dip came as part of a broader market correction, yet SHIB outperformed its main rival Dogecoin (DOGE), which dropped 8.5% on the day.

Key Market Movements

• Price Decline: SHIB dropped from $0.000015189 to a low of $0.000014130.
• Volume Surge: Trading volumes soared to 4.33 trillion tokens — far above historical averages.
• Support Levels Broken: Multiple key support levels, including $0.000014200, gave way under heavy selling pressure.

Technical Breakdown

• Initial Rejection: SHIB faced a strong rejection at $0.000015460 on July 22, with volume peaking at 926.18 billion tokens — a significant jump over the 24-hour average of 676.84 billion.
• Major Breakdown: Between 12:00 and 13:00 UTC on July 23, SHIB dropped sharply from $0.000014776 to $0.000014035, forming a new resistance near $0.000014400 as sell orders intensified.
• Additional Declines: The token slid further from $0.000014416 to $0.000014125, breaching multiple support zones at $0.000014200, $0.000014000, and $0.000013950.
• Failed Recovery: SHIB hit an intraday low of $0.000014060 before a weak rebound failed to reclaim the $0.000014200 mark.

Trend Outlook

While SHIB’s short-term momentum has clearly weakened, the fact that prices remain above the Ichimoku cloud on the daily chart suggests longer-term structure remains intact. Traders now view the $0.000014000 area as a critical pivot to watch.

Dogecoin, despite a steeper intraday drop, stayed above its own 200-day SMA and the Ichimoku base, signaling relative technical resilience.

Whether SHIB can reclaim key resistance zones in the coming sessions may determine if the meme coin can re-enter a bullish phase — or risk a deeper retracement along with the broader altcoin sector.