The dog-themed cryptocurrency Shiba Inu (SHIB) is facing a critical juncture in price action. The market is on high alert as a colossal amount of 58 trillion SHIB becomes the center of a fierce tug of war between bullish and bearish forces.
The dog-themed cryptocurrency Shiba Inu (SHIB) is facing a critical juncture in price action. The market is on high alert as a colossal amount of 58 trillion SHIB becomes the center of a fierce tug of war between bullish and bearish forces.
After several days of trying to break through the daily 50 SMA barrier at $0.0000247, Shiba Inu succumbed to the bears, retreating to lows of $0.00002352 in today’s trading session.
At the time of writing, SHIB was down 0.65% in the last 24 hours to $0.000024, suggesting an ongoing battle between bulls and bears.
According In the block According to data, 58.18 trillion SHIB were purchased by 57,380 addresses in the current Shiba Inu trading range between $0.000023 and $0.000025 at an average price of $0.000024.
This threshold has become a battleground where the near-term trajectory of SHIB’s value could be determined. The bulls, optimistic traders betting on rising prices, are rallying to defend this level, hoping to cause SHIB price to rise. On the other hand, the bears, the pessimists of the market, are pulling back, with the aim of driving the price down and capitalizing on a possible drop.
Tomiwabold OlajideThe importance of the 58 trillion SHIB threshold cannot be underestimated, as it represents a convergence point for market forces and investor sentiment. A strong defense of this level by the bulls could indicate renewed confidence in the token’s potential, suggesting that SHIB could be gearing up for a price surge.
On the contrary, if the bears manage to breach this threshold, it could signal a loss of support for SHIB, which could lead to a drop in price. Such a scenario would affect SHIB’s immediate market value.
In the event of a price rally, a successful break of the daily 50 SMA could be necessary to start a new uptrend for SHIB price, with targets at $0.000032 or even $0.000045. On the other hand, if the bears take advantage, Shiba Inu could persist in its current range with support at $0.000018 and $0.00002.
