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Shiba Inu confirmed a death cross on short time frames as the market sell-off continued on Thursday. On the 30-minute chart, the 50 MA has fallen well below the 200 MA as Shiba Inu fell, indicating a "death cross."
Shiba Inu extended its drop into the third day, falling from a high of $0.00000702 on Feb. 3. Thursday's drop was sharper, with $SHIB crashing from $0.00000668 to $0.00000618.
While crypto has been in free fall since the earlier part of this week, Thursday's drop was tied to wider market stress.
In the last 24 hours, a total of $1.06 billion were liquidated for cryptocurrencies after global markets saw synchronized selling, with the Nasdaq 100 down and losses spreading across the equity market.
A total of $894 million in bullish positions were liquidated in the past 24 hours, while short positions came in at $162 million, CoinGlass data shows.
Current uncertainty over interest rates, Federal Reserve leadership and a stronger dollar seem to have impacted market sentiment.
Unlike equity markets, cryptocurrencies have seen a sell-off in recent months, unable to recover from the October 2025 crash.
$0.000005 next?
At the time of writing, $SHIB was down 8.06% in the last 24 hours to $0.00000626 as major cryptocurrencies posted significant losses. XRP and Zcash saw larger losses, reaching nearly 15%.
Shiba Inu is down 17% in a week marked by a brutal sell-off, with nearly half a trillion dollars wiped off from the total crypto market value.
$SHIB hints at a potential double bottom pattern at a Jan. 31 low of $0.0000061. If this is confirmed, Shiba Inu might see a relief rally if the crypto market rebounds.
However, the sequence of lower local highs and lows indicates that selling on the rise remains in the markets. If this is the case, Shiba Inu might aim for support at the $0.000005 level if $0.000006 gives way.