- Shiba Inu’s price reversal has put support levels to the test, with a slight dip to $0.0000129 after a Saturday rally.
- Over $5,500 in liquidations occurred within the last 24 hours, predominantly impacting long positions, as SHIB dropped below key levels.
- Shiba Inu’s development team is addressing Shibarium bridge vulnerabilities, with plans to enhance the ecosystem and restore functionality.
Shiba Inu’s price experienced a decline early on Sunday, following a brief rebound the previous day. The price surged to a high of $0.00001306 during Saturday’s session but quickly reversed course. At the time of writing, Shiba Inu (SHIB) saw a slight drop of 0.19%, trading at $0.0000129, as the broader crypto market faced significant downward pressure. Liquidations in the crypto market reached $180 million, with Shiba Inu witnessing $5,520 in liquidations over the past 24 hours.
Shiba Inu’s sudden price decline caught many traders by surprise, particularly bulls who had hoped the relief rally from Thursday and Friday’s price drop would continue. The cryptocurrency had fallen from $0.0000136 to $0.00001279 in just two days, only to experience a short-term rebound before reversing lower. Long positions accounted for the bulk of liquidations, with 310,077,519 SHIB liquidated at the low of $0.00001281 early on Sunday. The market continues to test the support levels, particularly the 50-day simple moving average (SMA) at $0.00001285.
Shiba Inu Eyes Key Levels Amid Market Turbulence
Despite the downward pressure, Shiba Inu is trying to hold crucial support levels. The 50-day SMA has acted as a key point of defense, and the price continues to hover around it. Traders are now looking for a decisive move above the 200-day SMA at $0.00001297, which could trigger further upward momentum. Such a move could indicate that Shiba Inu’s price might resume its recovery. However, the broader crypto market conditions remain unstable, making any rally uncertain.
In other news, Shiba Inu’s development team is still dealing with the aftermath of the recent Shibarium bridge incident. Unauthorized validator signing power was used to execute a malicious attack that pushed an invalid state through the Proof of Stake (PoS) bridge, leading to the withdrawal of several assets.
The incident was covered by developer Kaal Dhairya, who provided a strategy for rectifying the problems within the ecosystem. The Shibarium bridge will not be launched yet, but the team has already provided an extensive plan of Shibarium improvements, such as ShibaSwap updates, a new decentralized exchange (DEX), and numerous improvements that could be related to liquidity enhancement, rewards, and scaling.
