Shiba Inu fell nearly 2% in the last 24 hours to trade near $0.0000058, extending a sell-off that has pushed the token below the key $0.000006 level.
The majority of cryptocurrencies are trading in red on a daily and weekly basis. Rising U.S. Treasury yields and a stronger dollar have weighed significantly on risk assets, including cryptocurrencies and crypto-related equities. Shares of crypto-related companies, such as Circle Internet, Coinbase and Strategy (MSTR), are lower in premarket activity.
The decline across the market has seen more than $268 million in liquidations in the last 24 hours, according to CoinGlass, of which about 85% came from long positions alone.
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Traders with long positions are betting that prices will rise, and the recent market decline has seen $222 million in long bets liquidated, while shorts came in at $45 million.
Shiba Inu, in particular, has been declining since March 24, when it last traded in green on a daily basis.
Shiba Inu volume has declined, currently down 16.63% in the last 24 hours to $88.77 million, according to CoinMarketCap data. A similar trend was witnessed in the past day, with its spot trading volume dropping.
Shiba Inu to recover?
Shiba Inu started declining from a high of $0.00000627 on March 25, and is now entering its third consecutive day of drop.
Thursday’s drop pushed Shiba Inu below the critically watched MA 50 level, which had repeatedly capped SHIB recovery attempts since January.
The SHIB price fell to a low of $0.00000583 on Thursday, below the daily MA 50 at $0.00000597, as selling increased as investors considered macro concerns.
Shiba Inu is now hovering below the daily MA 50, signaling an advantage to the sellers unless it regains this key level. A break below $0.00000562 might push SHIB to the lower part of its range, with support near $0.000005.
On the other hand, if Shiba Inu recovers above the daily MA 50 and then the $0.000006 level, it might aim for $0.0000065 and $0.000007 next.
On the bigger markets, investors will also be monitoring the Michigan Consumer Sentiment final print for March, due to be released later today.
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