Investors were shocked when the market saw a significant sell-off, resulting in scary red candles on the price charts, during a turbulent trading day in the cryptocurrency arena. Shiba Inu (SHIB) was not exempt from the general decline in token values, with approximately 800 billion tokens offloaded on Binance alone versus USDT from 8:00 a.m. to 12:00 p.m. UTC, according to the Buying Selling View indicator.
The sudden drop in SHIB’s value is a result of a larger pattern that affects the whole cryptocurrency market, which has recently been spiralling downhill. Investors are unsure of whether this sharp decline is simply a correction to the prior momentum or a full-fledged market turn in favour of the bears.
A massive wave of extreme bullishness has recently swept the market, with greed dominating mood. This jubilant attitude has been disturbed by the recent dip, which raises concerns about the durability of the cryptocurrency market’s upward trend.
One to watch
After five straight days of price increase, the price of SHIB is again falling, and all eyes are focused on a major resistance level that is now sitting around $0.000007 per token. The Shiba Inu token has historically turned at this level, offering support during prior downturns.
Keep checking back for the most recent information on SHIB’s future and the state of the larger cryptocurrency market as Shiba Inu’s 800 billion SHIB dump causes epic red candle turmoil.
