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Dog-themed cryptocurrency Shiba Inu (SHIB) is facing significant downward pressure amid a broader market sell-off. Continued bearishness drove cryptocurrency prices considerably lower over the weekend, and the sell-off continued into Monday's session.
Some investors were disappointed by an executive order late last week establishing a U.S. Bitcoin reserve and a digital asset stockpile. However, macro uncertainty was the key driver of Monday's accelerated downward move.
Arman ShirinyanThe crypto market sell-off worsened in the early Tuesday session, fueled by continued selling pressure on the equities market. The sell-off in U.S. equities accelerated Monday with the S&P 500 dropping another 2.7% and the Nasdaq 100 losing 3.8%, its worst day since 2022. According to CoinGlass data, the cryptocurrency market has seen $957 million in liquidations over the last 24 hours.
Without a crypto-specific catalyst, macro concerns are likely to continue weighing on cryptocurrency prices in the near term.
SHIB to add extra zero?
Shiba Inu was not immune to the bearish trend, falling for four straight days since March 7. Shiba Inu surged to highs of $0.000013 before falling to lows of $0.00001142 on March 10, extending its downtrend.
At the time of writing, SHIB was down 8.15% in the last 24 hours to $0.0000117 after touching intraday lows of $0.00001082.
Gamza KhanzadaevThe recent price sell-off suggests that SHIB may be on the verge of adding an extra zero to its price tag, especially if it dips below the $0.00001 level. However, this speculation might not be so, as the last time SHIB traded with five zeros in its price tag was in February 2024. This is as bulls have always rallied to keep SHIB from adding an extra zero to its price, with previous attempts foiled.
Technical analysis reveals that the lower support near $0.0000108 saved SHIB's price from adding an extra zero to its price tag in August 2024, highlighting its significance and the necessity for SHIB to maintain this price support.
On the other hand, failure to hold the current support may push the price toward $0.000099, causing SHIB to add an extra zero to its price tag.
Dan Burgin
Vladislav Sopov