The cryptocurrency market is seeing a massive sell-off during Sunday's trading session, with numerous digital assets declining.
Cryptocurrencies experienced volatility over the weekend, with Bitcoin trading down for the third day in a row, falling below $100,000, and sending risk-off signals to the markets.
The larger cryptocurrency market plummeted alongside BTC, with CoinGlass reporting $539 million in crypto liquidations across numerous assets during the last 24 hours. Altcoins did poorly, with some experiencing double-digit losses.
Shiba Inu was not exempt from the bearish trend, falling 6.33% in the last 24 hours to $0.00001731 and 14% weekly.
Shiba Inu is extending Saturday's drop, which saw it fall from $0.00001924 to $0.00001747. The dog-themed coin fell further to lows of $0.00001689 in today's trading session, where bulls stepped in to save the declines.
Eyes on 463 trillion SHIB token
After three straight days of rise, Shiba Inu saw major profit-taking in Saturday's trading session. The slide continued until Sunday, with Shiba Inu testing a major support range where 463 trillion SHIB tokens are being held.
According to IntoTheBlock data, 463.03 trillion SHIB are being held in the range between $0.000017 and $0.000018 by 45,900 addresses. Buying activity is expected to pick up around here as addresses that had previously bought at this price range are likely to provide support.
Shiba Inu's price appears to be maintaining this key support range, trading within it at press time. In the coming sessions, eyes will be on SHIB to see if SHIB would sustain this key price support.
If SHIB holds firm near this range, a potential rebound could be on the horizon. In this scenario, a break above the moving averages of 50 and 200 at $0.0000216 and $0.0000193 would be the first sign of strength for Shiba Inu. Shiba Inu fell below the daily SMA 200 in late January and trades beneath at the present.
On the other hand, if the declines further, the loss of 463 trillion SHIB support might trigger selling with the next key support at $0.000015.
