SHIB drops 7% amid market-wide weakness, but still outperforms DOGE

SHIB Drops 7% in Market-Wide Sell-Off, Still Outperforms DOGE as Long-Term Support Holds

Shiba Inu (SHIB) saw a sharp 7% decline over the past 24 hours, moving in tandem with the broader crypto market downturn. Despite breaching its 200-day simple moving average (SMA), SHIB managed to hold above the Ichimoku cloud — a signal that long-term bullish momentum may still be intact.

Meanwhile, Dogecoin (DOGE) fell even harder, slipping 8.5%, though it maintained technical support levels, including its 200-day SMA and cloud base.

Key Market Moves

SHIB dropped from $0.000015189 to a low of $0.000014130 amid heavy selling pressure.
Trading volumes surged to 4.33 trillion tokens, far surpassing average activity.
Sellers overwhelmed multiple support zones, including $0.000014200, which SHIB failed to reclaim by session close.

Technical Breakdown

SHIB’s decline began after a strong rejection at $0.000015460 late on July 22, where volume spiked to 926.18 billion tokens. The most aggressive leg of the sell-off occurred on July 23 between 12:00 and 13:00 UTC, when price plunged from $0.000014776 to $0.000014035 on record-high trading volumes.

Follow-through selling dragged SHIB below successive support levels, hitting an intraday low of $0.000014060 around 13:44 UTC. Though the token attempted a modest rebound, it couldn’t break back above the key resistance level at $0.000014200.

Despite the fall, SHIB remained above the Ichimoku cloud on the daily chart — a signal that the longer-term trend may remain constructive if buyers re-emerge.

Outlook

SHIB’s underperformance in the short term reflects overall market weakness, but its ability to remain above cloud support keeps the bullish case alive. Traders are now watching for a decisive reclaim of $0.000014200, while further downside could accelerate if that level continues to hold as resistance.