Shiba Inu (SHIB) $0.000012188, the world’s second-largest meme token by market capitalization, faced a sharp sell-off alongside broader market declines, triggering a bearish price pattern. Despite this, SHIB outperformed its rival, Dogecoin (DOGE) $0.2414.

Over a 24-hour period, SHIB prices fell roughly 5%, dropping from $0.000012888 to $0.000012188. This movement liquidated over $1 million in leveraged positions—mostly long bets—highlighting a market skewed toward bullish expectations, according to Coinglass data.

Strong resistance formed around $0.00001237 during the high-volume liquidation, while support emerged near $0.00001197. The decline also represented a bearish breakout from the contracting triangle traced by trendlines connecting the June 22–September 1 lows and the May 12–July 21 highs. This breakdown indicates potential for further losses, possibly toward the June 22 low of $0.00001004.

The breakdown coincided with a volume surge of 5.29 trillion tokens, signaling a likely institutional liquidation, according to CoinDesk market analytics.

Key Insights:

• SHIB retreated 5% over the 24-hour session from Sept. 21, 15:00 to Sept. 22, 14:00, moving from $0.000012888 to $0.000012188.
• The token’s trading range extended as low as $0.000009441 (79%), with the sharpest drop at $0.000011975 on Sept. 22, 06:00, amid elevated volumes.
• Support solidified at $0.00001197, reflecting substantial buying interest, while conventional resistance remained near $0.00001290, consistently capping early-session price gains.

SHIB-DOGE Pair Rebounds from Record Lows
While SHIB dropped 5%, Dogecoin suffered a steeper loss of over 8%, allowing the Binance-listed SHIB-DOGE pair to recover from record lows.

The pair’s daily MACD histogram is approaching a positive crossover, signaling a potential bullish momentum shift. This trend suggests that SHIB could continue outperforming DOGE in the near term.