The dog-themed cryptocurrency Shiba Inu (SHIB) is currently at a critical juncture as it approaches a significant support level of 471.54 billion SHIB, while its price has fallen below the 0 mark .00002 dollars.
The dog-themed cryptocurrency Shiba Inu (SHIB) is currently at a critical juncture as it approaches a significant support level of 471.54 billion SHIB, while its price has fallen below the 0 mark .00002 dollars.
At the time of writing, SHIB was down 5.32% in the last 24 hours to $0.00001978, with a 62% increase in 24-hour trading volume.
Despite this activity, the price has been trending downward, matching the overall decline in the cryptocurrency market. This drop could be attributed to several factors, including profit-taking by investors.
Tomiwabold OlajideThe price drop brings SHIB closer to a crucial support level, where holders previously acquired a large amount of SHIB.
According In the block According to data, Shiba Inu is at important support next to where it is currently trading: 471.54 billion SHIB were purchased by 83,670 addresses in the range between $0.000014 and $0.000019 at an average price of $0.000016.
What’s next for SHIB price?
In Shiba Inu’s current trading range, 5,270 addresses bought a meager 3.9 trillion SHIB between $0.000019 and $0.00002. The comparatively low amount of SHIB purchased at this level indicates that there is minimal support in this area.
On the other hand, if the current support level holds, it could act as a springboard for SHIB price to recover, attracting buyers looking for a favorable entry point. On the other hand, if Shiba Inu fails to maintain its current levels, SHIB could face increased selling pressure, which would drive the price down. This would lead traders to look for new support levels and the price could test the SHIB 471.54 trillion range.
Tomiwabold OlajideIf SHIB were to find strong buying interest in the 471.54 billion token range, it is possible that the price could recover above $0.00002, with the potential to regain lost ground and aim for higher levels.
As Shiba Inu approaches the important SHIB 471.54 billion support level, the coming days could be critical for the cryptocurrency. The market is closely monitoring the price action to predict the next move. Whether SHIB recovers or continues to fall, the outcome may influence the price trajectory of the dog-themed token.
