Shiba Inu (SHIB) faced heavy pressure during the latest market sell-off, with data showing a sharp liquidation imbalance. Most cryptocurrencies traded lower over the past 24 hours, and SHIB was no exception.
At the time of writing, SHIB was down 1.27% in the last 24 hours, trading at $0.000007742. The token has also fallen 7.93% over the past seven days as selling pressure continues.
The broader market decline led to $123 million in crypto liquidations in the last 24 hours, according to CoinGlass. Long positions made up the majority of these liquidations as traders were caught on the wrong side of the move.
Shiba Inu recorded a liquidation imbalance of 15,943.82%. CoinGlass data shows that $28,560 worth of SHIB positions were liquidated, with $28,380 coming from long positions and only $178.25 from shorts.
On the price chart, SHIB is now trading sideways after dropping below its daily 50-day moving average near $0.000008. Repeated attempts to reclaim this level have failed so far.
Since Jan. 19, SHIB has moved within a narrow range between $0.00000743 and $0.00000819. The relative strength index remains below 50, suggesting that range-bound trading may continue in the short term.
Looking ahead, traders are watching whether SHIB can turn the daily 50-day moving average back into support. A successful move could open the path toward higher levels, while support is expected around the $0.000007 area.
Despite the weak price action, Shiba Inu team member Lucie urged the community to stay resilient. In recent posts, she emphasized protecting mental health and ignoring unproductive criticism during challenging market conditions.
