SHIB Falls 5%, SHIB-DOGE Pair Recovers From All-Time Low

Shiba Inu (SHIB) $0.000012188, the world’s second-largest meme token by market value, declined sharply alongside broader crypto markets, forming a bearish pattern. Despite the drop, SHIB outperformed its peer, Dogecoin (DOGE) $0.2414.

Over a 24-hour span, SHIB fell roughly 5%, sliding from $0.000012888 to $0.000012188. This downturn triggered liquidations exceeding $1 million in leveraged positions, mostly long bets, indicating the market had been overly bullish, according to Coinglass data.

Resistance emerged near $0.00001237 amid heavy liquidation, while support held at $0.00001197. The decline also marked a bearish breakout from a contracting triangle, traced by lows from June 22 to September 1 and highs from May 12 to July 21. This signals potential further downside, with the June 22 low of $0.00001004 as a possible target.

The sell-off coincided with 5.29 trillion tokens changing hands, suggesting an institutional-level liquidation, per CoinDesk analytics.

Market Details:

SHIB retreated 5% between Sept. 21, 15:00 and Sept. 22, 14:00, from $0.000012888 to $0.000012188.
The token’s full trading range extended down to $0.000009441 (79%), with the steepest decline at $0.000011975 on Sept. 22, 06:00, amid high trading volumes.
Key support held at $0.00001197, while resistance consolidated around $0.00001290, consistently capping early-session gains.

SHIB-DOGE Pair Rebounds From Record Lows
While SHIB fell 5%, DOGE experienced a deeper loss of over 8%, allowing the SHIB-DOGE pair on Binance to bounce off historic lows.

The pair’s daily MACD histogram is set to turn positive, suggesting a potential momentum shift. This indicates that SHIB may continue to outperform DOGE in the coming days.