Shiba Inu (SHIB) Attempt Strong Recovery Move Following the Widespread Selloff in Global Crypto Market.
Following Monday’s widespread selloff in the global crypto market, Shiba Inu (SHIB) finally found the bottom and recovered strongly.
On Monday, a widespread selloff in the global crypto market was like a nightmare for many crypto enthusiasts. Almost all the top cryptocurrencies, including Shiba Inu, have pierced their critical support levels. However, the market rebounds sharply on Tuesday.
Shiba Inu declined over 20% over the last day alone to the price of $0.00001354 while breaking its critical support level at $0.00001717 in a textbook descending triangle pattern found on the daily chart.
Following this sharp price decline, Wrapped Bitcoin (WBTC) was able to flip the popular dog-themed currency in terms of market cap to steal the 15th position from SHIB yesterday, as per data provided by CoinMarketCap. But strong SHIB recovery has helped the coin take back the 15th position from WBTC.
Recent massive accumulation from ETH Whales might have acted as the first aid for the canine-themed cryptocurrency. As a result, Shiba Inu’s price jumped more than 20% from its bottom level and is trading at the price of $0.000001705 at the time of writing.
This strong recovery move has also helped Shiba Inu flip Wrapped Bitcoin and regain its 15th position as the biggest cryptocurrency in the world in terms of market cap. The current market cap for SHIB stands at $9,392,070,965 ($9.39B).
Besides this, the Shiba Inu token also manages to flip the FTX token (FTT). It becomes the biggest holding position by dollar value among the top 2000 ETH whales, as per data provided by WhaleStats.
Peep the top 100 whales here: https://t.co/R19lKnPlsK
— WhaleStats – BabyWhale ($BBW) (@WhaleStats) May 10, 2022
To keep up with the strong recovery move, SHIB must overcome the previously lost critical support level at $0.00001771 as it might act as resistance for now. However, the current support levels to watch are $0.00001477 and $0.00001356.
Image source: Twitter
If SHIB fails to sustain its recovery and loses these support levels, the dog-themed cryptocurrency will become vulnerable to testing its next support level, located at $0.0000095. However, any meaningful move above the $0.00001717 level might lead SHIB towards the $0.00002122 mark.