Selling Pressure Hits Shiba Inu and Major Cryptos as Recovery Momentum Fades

Key Facts

Amid a period of stagnation in investor sentiment for risk assets, major cryptocurrencies are struggling to regain bullish momentum following weeks of persistent declines. Shiba Inu is facing continuous selling pressure, trading near its local lows of approximately $0.0000044. According to reports, this protracted bearish trend has eliminated the recovery momentum seen earlier this year, keeping prices pinned near local support levels without clear buying catalysts.

This downturn comes as altcoins like Solana and XRP face similar challenges in maintaining technical support levels, with experts attributing the weakness to a lack of fresh liquidity and a shift toward caution among traders. Looking at peer performance, the market has experienced sharp volatility that impacted the total crypto market capitalization, which has retreated significantly from its Q1 peaks per market data. These pressures coincided with mixed global economic data, including China's Manufacturing PMI which stood at 51.7 in early July 2026, heightening uncertainty regarding global growth prospects and risk appetite.

Looking ahead, monitoring current support levels for SHIB and major assets remains critical for determining short-term market direction. Non-Farm Payrolls report scheduled for later in July 2026, which may dictate the dollar's path and subsequently the movement of digital assets.