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Dog-themed cryptocurrency Shiba Inu (SHIB) is currently grappling to maintain its position among the top 20 cryptocurrencies. A combination of factors, including broader market sentiment, has placed SHIB at a critical juncture, where a further drop in value could cause it to exit the top 20 cryptocurrencies by market capitalization.
According to CoinMarketCap data, Shiba Inu is presently the 20th largest cryptocurrency, with a market capitalization of $7.29 billion.
As of this writing, SHIB is trading down $0.00001236, representing a 3.08% loss in the last 24 hours. Shiba Inu is on track for its third consecutive day of declines since March 7 and is down 10.19% weekly.
The recent market drop, which has wiped significant value off various crypto assets alongside the emergence of a death cross — a pattern formed where the short-term moving average crosses below the long-term moving average and indicates bearish momentum — has contributed to Shiba Inu's drop in crypto rankings.
Amid the current volatility, Shiba Inu's profitability has dropped to 36%. According to IntoTheBlock, 36% of Shiba Inu holders are in the money or are profiting; 4% are breaking even or at the money; 61% are out of the money and are currently losing on their positions.
What might save SHIB?
To move up higher in crypto rankings and regain its prior position, Shiba Inu must rally and reclaim key resistance levels.
According to on-chain data, Shiba Inu's path to the upside is not devoid of obstacles. Per IntoTheBlock data, Shiba Inu faces hurdles to the upside, including a key price range where 550 trillion SHIB are held.
The next resistance from where Shiba Inu trades presently is between $0.000013 and $0.000014, where 10.25 trillion SHIB are being held by 11,000 addresses. This is followed by a gigantic barrier, one which could trigger massive gains if surmounted. This is in the range of $0.000014 and $0.000019, where 550.28 trillion SHIB are held by 170,350 addresses.
Technically speaking, a move above the daily moving averages of 50 and 200 at $0.0000161 and $0.0000192 would signal a bullish comeback that might position SHIB for further gains.
U.Today Editorial Team
Dan Burgin
