Shiba Inu (SHIB) Faces Critical Moment as Market Downturn Threatens Its Top 20 Position

Shiba Inu (SHIB) is struggling to maintain its rank among the top 20 cryptocurrencies amid a broader market downturn. Currently sitting at the 20th spot with a market cap of $7.29 billion, SHIB is down 3.08% in the last 24 hours, trading at $0.00001236. The meme coin has been in decline for three consecutive days, shedding 10.19% over the past week.

Market sentiment and technical indicators suggest bearish momentum, with the emergence of a "death cross"—where a short-term moving average falls below a long-term moving average—indicating potential further losses. Data from IntoTheBlock reveals that only 36% of SHIB holders are in profit, while 61% are at a loss.

To recover, SHIB must overcome key resistance levels. On-chain data shows that a major hurdle exists between $0.000013 and $0.000014, where 10.25 trillion SHIB are held. A more significant resistance lies between $0.000014 and $0.000019, with 550.28 trillion SHIB controlled by 170,350 addresses. A breakout above the 50-day and 200-day moving averages at $0.0000161 and $0.0000192 could trigger bullish momentum.

As SHIB faces mounting pressure, its ability to reclaim lost ground depends on renewed investor interest and market stability. If the asset fails to bounce back, it risks dropping out of the top 20 cryptocurrencies by market capitalization.