Crypto Market Reels from $441M Liquidations, Shiba Inu Faces Key Resistance

Market participants have witnessed a substantial sell-off in the cryptocurrency market, with over $441 million in trading positions being liquidated overnight. This has put pressure on digital assets across the board, causing investors to reassess their portfolios and adjust their strategies.

The death cross formation in Shiba Inu's hourly chart is a concerning development for the token's price action. The pattern, which occurs when the 50-period moving average drops below the 200-period moving average, often precedes further short-term downside. As Shiba Inu struggles to break through key resistance levels, its price remains vulnerable to fresh losses.

The broader market sell-off was exacerbated by the year's largest options expiry event for Bitcoin and Ethereum, which saw $14 billion in options expire on Friday. Traders shifted to defensive positions ahead of and after the expiry, contributing to the market weakness. Additionally, investor outflows from crypto exchange-traded funds added further selling pressure.

Shiba Inu's price has been impacted by the sell-off, declining for three consecutive days beginning March 25. The token is currently trading at $0.00000577, down 2.18% over the past 24 hours. A clean break and close above the one-hour 50 MA would open the path toward the next meaningful target of $0.00000596.