Some digital assets have plunged to record lows as the broad market sees persistent actions by bears. Shiba Inu is among the altcoins suffering massive lows following the ongoing market downturn.
The June 13 crypto market slump had Shiba Inu at price levels never witnessed since early October last year. While publishing this content, the meme token traded at $0.000008268 per coin. What else did the past 24 hours bring?
The Sickly Dog
The current price tag shows Shiba Inu added a new zero to its value. Bearish actions saw the altcoin hitting the $0.0000075 lows early on June 14. Though the meme crypto recovered by 2% after the lows, there’s nothing to rejoice about, and the road with fewer hurdles is the downside.
Moreover, the 51% trading volume surge within the past days shows distribution could be higher than accumulation. For now, the “DOGE Killer” trades approximately 90% from the $0.00008845 all-time high registered in October last year.
Shiba Inu deteriorated due to the bloodbath that dominated the crypto world in April, maintaining downtrends since Mid-April (according to the price chart outlook).
The Relative Strength Index remains underpinned below the 50-neutral as the red candlestick dominated the price outlook. The indicator hovered around 27 at this publication. That shows the altcoin moving towards extreme oversold conditions.
Meanwhile, the Moving Average Convergence Divergence raises concerns about its position. The MACD seems ready to intersect the trend-line to the downside, showing the bearish regime could be far from ending from Shiba Inu.
Before Writing Off the Sick Dog
According to on-chain analysis, Shiba Inu registered some increase on June 13, regardless of the faded price action. Market bloodbath saw addresses transacting the token surging 25% on June 13, climbing from 3,609 to 4,853 within a day.
Also, the token’s transaction volume recorded slight growth on June 13. The metric saw a 62% uptick to hit the 13.49 trillion high. While writing this news, SHIB’s transaction volume stood at 6.11 trillion.
Moreover, the exchange flow balance recorded an impressive 325.3 billion, indicating a potential price spike for Shiba Inu. That shows market players sending more tokens to exchanges than withdrawing. Moreover, whales seemed ready for upswings as transactions exceeding $1 million hit the 16 high at this publication.