Dog-themed cryptocurrency Shiba Inu (SHIB) is once again under pressure as broader market weakness pushes prices lower. The crypto market is largely trading in the red in the early Sunday session, with barely a few crypto assets trading in the green. The lackluster trading action followed a significant sell-off over the past week as investors took profits and weighed macroeconomic uncertainty.
As a result, according to CoinGlass, $131 million worth of liquidations have swept the crypto market in the last 24 hours, with $83 million in long positions liquidated.
Amid the volatility, a key on-chain level is now in focus for Shiba Inu, where 23.21 trillion SHIB are being held, with the SHIB price currently hovering around this level. According to recent IntoTheBlock data, 23.21 trillion SHIB are being held at an average cost basis of $0.000012 by 60,380 addresses.
What comes next?
Shiba Inu extended its drop from the June 11 high of $0.00001362 into the fifth day. The drop tested support at $0.00001141 to slightly rebound, but bulls were unable to gain momentum.
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A death cross emerged on Shiba Inu’s hourly chart during the Friday sell-off, which saw major altcoins taking significant hits and liquidations surpassing $1 billion. Since then, Shiba Inu’s price has mostly stalled, with the market anticipating the next course of action.
At the time of writing, Shiba Inu was trading down 1.37% in the last 24 hours to $0.000012 and down 4.79% weekly.
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As SHIB faces downward pressure, the $0.000012 level, where 23.21 trillion SHIB tokens were previously bought, is appearing as a potential line of defense for bulls. If this level is lost, Shiba Inu might test the next support range, where 45.93 trillion SHIB tokens are held at an average price of $0.00001 by 233,080 addresses.
On the other hand, immediate resistance lies at $0.000013, the average cost basis for 39.36 trillion SHIB.
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