Shiba Inu (SHIB) Drops 6% Amid Market Pressure from Tariffs
Shiba Inu (SHIB) experienced a 6% decline in a 24-hour period, dropping from $0.000013 to $0.000012. This marks the lowest price since July 9 and follows a trend down from July 21's highs near $0.000016.
Key factors influencing this movement include:
- Increased SHIB holdings on centralized exchanges, reaching 84.9 trillion tokens by July 28, suggesting potential whale distribution.
- $63.7 million accumulated in 4.66 trillion SHIB despite the drop.
- Burn rate surged by 16,700%, with 602 million SHIB tokens destroyed in coordinated transactions.
Technical Analysis
- Price rejection at the $0.000013 resistance led to high-volume distribution.
- Support established at $0.000012, with 1.19 trillion tokens of buying interest.
- Breakout volume of 90.51 billion triggered a move above the $0.000012 barrier.
The recent price action shows an inverted bullish hammer candle pattern, which could indicate a potential bullish trend reversal. However, a drop below the July low of $0.00001108 would negate this outlook.
