Shiba Inu Token (SHIB) Sees 7% Decline Over 24 Hours but Up 25% for the Month

Meme coin experiences downward pressure amid changing economic conditions despite positive news in trade relations between the US and China.

Key Points:

The US and China have implemented significant tariff cuts: the US decreases tariffs from 145% to 30% and China reduces from 125% to 10% for the next 90 days, aiding global trade relations.
US inflation dropped to 2.3% in April, the lowest figure since 2021, alleviating worries regarding inflation spikes from tariffs.
SHIB saw a steep 6.4% drop in just 24 hours, falling from 0.0000159 to 0.0000149, with trading volumes peaking at 1.43 trillion SHIB during the major sell-off, as highlighted by CoinDesk Research’s technical analysis.

The cryptocurrency market is reacting to shifting global economic factors as Shiba Inu (SHIB) faces mounting selling pressure.

The recent price trajectory of this meme coin illustrates a downward trend, establishing lower highs consistently and breaking several key support points.

The most significant selling occurred in the early morning hours when the price plummeted to 0.0000149, with trading volume nearly doubling the average.

Technical Analysis Highlights:

SHIB plummeted from 0.0000159 to 0.0000149, constituting a 6.4% drop, with an overall fluctuation of 0.0000012 (7.5%).
Price movements indicate a distinct downtrend with consecutive lower highs, surpassing various support levels around 0.0000156 and 0.0000152.
High-volume sell-offs mainly took place at 07:00, pushing the price down to 0.0000149, with volumes exceeding 1.43 trillion SHIB—almost double the average selling rate.
Established resistance at 0.0000152 and support at 0.0000148 signal potential consolidation prior to the next significant movement.
A notable fluctuation in recent hours saw SHIB dipping from 0.0000151 to 0.0000147, followed by a slight recovery to 0.0000149.
The peak selling period occurred between 13:33-13:36, with volume spiking to over 83 billion SHIB at 13:35, indicating a vital support level around 0.0000148.
Price actions formed a V-shaped recovery pattern after hitting a session low of 0.0000147 at 13:51, with increased buying activity lifting SHIB back above the 0.0000148 mark.