Shiba Inu Holds Steady Amid Market Decline

Despite a broader cryptocurrency market decline of over $182 million as tracked by CoinGlass, Shiba Inu (SHIB) surprisingly posted gains in early Sunday trading. 📈 While the upside was modest, SHIB managed to buck the trend, showcasing surprising resilience during a generally red session for most crypto assets. 📉 💰 📈 At press time, SHIB had risen 1.12% to $0.0000143, reaching intraday highs of $0.0000147. The outperformance comes as Bitcoin (BTC) and Ethereum (ETH) continued their losses in the early Sunday session. The recent market rally witnessed profit-taking over the weekend, causing major coins to see significant drops. 📉 After hitting a new all-time high near $112,000, Bitcoin’s price dropped, following a week-long surge. What does this mean for SHIB? 🤔 Market sentiment remains cautious, especially with ongoing macroeconomic uncertainty and technical signals pointing towards a short-term price correction. 📉 The Shiba Inu price is in a battle between bulls and bears, reflected by the daily RSI at exactly the 50 midpoint, suggesting hesitation among buyers and sellers. 👀 The current price range of $0.000014 to $0.000015 holds significant relevance for SHIB, with 26.38 trillion SHIB held by 39,780 addresses at an average cost basis of $0.000014, per IntoTheBlock data. 📊 A rise above this key level would face resistance in the range of $0.000015 and $0.000019, where 539.92 trillion SHIB were previously purchased at an average cost of $0.000017 by 132,610 addresses. 📍 On the other hand, support lies at $0.000011, representing an average cost basis for 97.45 trillion SHIB.