Shiba Inu Tanks 5%, SHIB-DOGE Bounces From Record Lows

coindesk.com 22 September 2025 17:22, UTC

Analytics

Shiba inu $SHIB$0.0₄1207, the world's second-largest meme token by market value, dropped sharply along with the broader market, triggering a bearish price pattern. However, the token has outperformed its peer dogecoin $DOGE$0.2389.

Prices declined 5% from $0.000012888 to $0.000012188 over the 24 hours, crowding out over $1 million in leveraged bets, most of which were long positions, a sign that the market was skewed bullish, according to data source Coinglass.

Robust resistance was established at $0.00001237 level during high-volume liquidation, with support emerging at $0.00001197.

More importantly, the decline marked a downside break of the contracting triangle identified by trendlines connecting Jun. 22 and Sept. 1 lows and May 12 and Jul. 21 highs. In other words, the range play has resolved bearishly, indicating potential for further losses toward the Jun. 22 low of $0.00001004.

The range breakdown saw a volume surge of 5.29 trillion tokens, indicating an institutional liquidation event, according to CoinDesk's market analytics.

$SHIB's range play has resolved bearishly. (TradingView)

Key insights

$SHIB encountered considerable downward pressure throughout the preceding 24-hour period from Sept. 21, 15:00 to Sept. 22, 14:00, retreating from $0.000012888 to $0.000012188, constituting a 5% depreciation.
The comprehensive trading range extended to $0.000009441 (79%), with the most pronounced movement materialising on Sept. 22, 06:00, when valuations plummeted to $0.000011975 amid exceptionally elevated volumes of 5.29 trillion tokens, thereby establishing formidable resistance at the $0.000012373 threshold.
Critical support materialized at $0.00001197, accompanied by substantial buying interest, while conventional resistance consolidated around $0.00001290, where valuations consistently encountered downward pressure throughout the initial trading sessions.

$SHIB-$DOGE bounces from record low

While $SHIB fell 5%, dogecoin suffered a bigger loss of over 8%, resulting in a notable recovery in the Binance-listed $SHIB-$DOGE pair from record lows.

The pair's daily MACD histogram is on track to turn positive, marking a bullish shift in momentum, which suggests that $SHIB could continue to outperform $DOGE in the coming days.

That said, the overall outlook would remain bearish as long as the descending trendline from the March 2024 highs remains intact.