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Shiba Inu fell nearly 2% in the last 24 hours to trade near $0.0000058, extending a sell-off that has pushed the token below the key $0.000006 level.
The majority of cryptocurrencies are trading in red on a daily and weekly basis. Rising U.S. Treasury yields and a stronger dollar have weighed significantly on risk assets, including cryptocurrencies and crypto-related equities. Shares of crypto-related companies, such as Circle Internet, Coinbase and Strategy (MSTR), are lower in premarket activity.
The decline across the market has seen more than $268 million in liquidations in the last 24 hours, according to CoinGlass, of which about 85% came from long positions alone.
Traders with long positions are betting that prices will rise, and the recent market decline has seen $222 million in long bets liquidated, while shorts came in at $45 million.
Shiba Inu, in particular, has been declining since March 24, when it last traded in green on a daily basis.
Shiba Inu volume has declined, currently down 16.63% in the last 24 hours to $88.77 million, according to CoinMarketCap data. A similar trend was witnessed in the past day, with its spot trading volume dropping.
Shiba Inu to recover?
Shiba Inu started declining from a high of $0.00000627 on March 25, and is now entering its third consecutive day of drop.
Thursday's drop pushed Shiba Inu below the critically watched MA 50 level, which had repeatedly capped $SHIB recovery attempts since January.
The $SHIB price fell to a low of $0.00000583 on Thursday, below the daily MA 50 at $0.00000597, as selling increased as investors considered macro concerns.
Shiba Inu is now hovering below the daily MA 50, signaling an advantage to the sellers unless it regains this key level. A break below $0.00000562 might push $SHIB to the lower part of its range, with support near $0.000005.
On the other hand, if Shiba Inu recovers above the daily MA 50 and then the $0.000006 level, it might aim for $0.0000065 and $0.000007 next.
On the bigger markets, investors will also be monitoring the Michigan Consumer Sentiment final print for March, due to be released later today.