Shiba Inu Drops 5%, Outperforms Dogecoin in Market Decline

The Shiba Inu (SHIB) token experienced a 5% drop in the past 24 hours, moving from $0.000012888 to $0.000012188, as part of a broader market decline. Despite this, SHIB outperformed Dogecoin (DOGE), which fell over 8%.

The decline triggered a bearish pattern with a break below the contracting triangle formed by previous highs and lows.
Resistance was established at $0.00001237 during high-volume liquidation, while support emerged at $0.00001197.
A significant volume surge of 5.29 trillion tokens suggests an institutional liquidation event.

SHIB's daily price chart in candlesticks format.

SHIB-DOGE Pair Analysis

The SHIB-DOGE pair recovered from record lows, with SHIB showing stronger performance than DOGE.
The MACD histogram for the pair is turning positive, indicating potential bullish momentum for SHIB.
The overall outlook remains bearish unless the descending trendline from March 2024 highs is breached.

SHIB-DOGE pair's daily price action in candlesticks format.