40 Billion Shiba Inu (SHIB) in the Spotlight as Bulls and Bears Clash

40 Billion Shiba Inu (SHIB) in the Spotlight as Bulls and Bears Clash

The current Shiba Inu price action suggests that the dog-themed cryptocurrency could be approaching a critical support level of 40 billion SHIB tokens.

The current Shiba Inu price action suggests that the dog-themed cryptocurrency could be approaching a critical support level of 40 billion SHIB tokens.

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According In the block According to data, 40.08 trillion SHIB are held by 51,350 addresses in the range between $0.000019 and $0.000023, very close to Shiba Inu’s current trading price of $0.0000232.

Support levels are crucial in technical analysis as they represent price points where buying interest tends to be strong enough to prevent further declines.

In the block
Global money in and out, courtesy of IntoTheBlock

For SHIB, the 40 trillion token range has become critical support. If this support holds, it could serve as a basis for a possible price rally. Conversely, if it fails, SHIB could see further downward pressure, possibly down to $0.000014.

Currently, the market is witnessing a fierce battle between bulls and bears, each vying for control and trying to push the price in their favor. Market sentiment is mixed: some traders are accumulating SHIB at current levels, while others could be selling to mitigate potential losses.

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SHIB’s 40 trillion support level is currently in the spotlight as bulls and bears engage in a high-stakes fight. The outcome of this battle could set the tone for SHIB’s near-term price direction. It remains to be seen whether the bulls will successfully defend the support or the bears will overcome it.

Bull and bear fight

Shiba Inu has been trading in a tight range since Friday’s drop to a low of $0.00002142. Following the price drop, Shiba Inu has returned to trading below its daily SMA 50 at $0.0000245, raising the prospect of consolidation or range-bound trading in the near term.

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The first indicator of strength would be a break above the daily SMA 50 ($0.0000245). In this case, if Shiba Inu price breaks and closes above $0.0000263, it may indicate that the bulls are trying to recover. Shiba Inu could cross the upper barrier of $0.0000294.

However, if SHIB price falls below the current range support line at $0.0000227, Shiba Inu may retest the low of $0.0000214.

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