u.today
Dog-themed cryptocurrency Shiba Inu ($SHIB) is currently grappling to maintain its position among the top 20 cryptocurrencies. A combination of factors, including broader market sentiment, has placed $SHIB at a critical juncture, where a further drop in value could cause it to exit the top 20 cryptocurrencies by market capitalization.
According to CoinMarketCap data, Shiba Inu is presently the 20th largest cryptocurrency, with a market capitalization of $7.29 billion.
As of this writing, $SHIB is trading down $0.00001236, representing a 3.08% loss in the last 24 hours. Shiba Inu is on track for its third consecutive day of declines since March 7 and is down 10.19% weekly.
The recent market drop, which has wiped significant value off various crypto assets alongside the emergence of a death cross — a pattern formed where the short-term moving average crosses below the long-term moving average and indicates bearish momentum — has contributed to Shiba Inu's drop in crypto rankings.
Amid the current volatility, Shiba Inu's profitability has dropped to 36%. According to IntoTheBlock, 36% of Shiba Inu holders are in the money or are profiting; 4% are breaking even or at the money; 61% are out of the money and are currently losing on their positions.
What might save $SHIB?
To move up higher in crypto rankings and regain its prior position, Shiba Inu must rally and reclaim key resistance levels.
According to on-chain data, Shiba Inu's path to the upside is not devoid of obstacles. Per IntoTheBlock data, Shiba Inu faces hurdles to the upside, including a key price range where 550 trillion $SHIB are held.
The next resistance from where Shiba Inu trades presently is between $0.000013 and $0.000014, where 10.25 trillion $SHIB are being held by 11,000 addresses. This is followed by a gigantic barrier, one which could trigger massive gains if surmounted. This is in the range of $0.000014 and $0.000019, where 550.28 trillion $SHIB are held by 170,350 addresses.
Technically speaking, a move above the daily moving averages of 50 and 200 at $0.0000161 and $0.0000192 would signal a bullish comeback that might position $SHIB for further gains.