Shiba Inu Plummets 16% Amid U.S.-China Trade Tensions
Global Economic Tensions Impact SHIB
The cryptocurrency market faced turbulence due to escalating trade tensions between the U.S. and China, leading to a selloff in risk assets. Shiba Inu (SHIB) fell to $0.00001038, its lowest level since February 2023, following President Trump's tariff policy announcements.
Despite positive developments in its ecosystem, including Shibarium processing over 1 billion transactions and averaging 4.4 million daily transactions, SHIB's price declined sharply. Analysts note a potential double-bottom pattern around the $0.00001050 support level, with recent price action showing recovery signs as SHIB reclaimed $0.00001097.
Key points include:
- SHIB dropped 16.2% from $0.00001239 to $0.00001038 on April 7.
- Unusually high trading volumes exceeded 3.6 billion during the sell-off.
- A clear double bottom formed around $0.00001050, establishing an uptrend channel with resistance at $0.00001108.
- Recent bullish momentum includes consecutive higher lows and increased trading volume confirming strength.
- Support formed at $0.000010965, with consolidation between $0.000010970 and $0.000010973 indicating possible accumulation.