The dog-themed cryptocurrency Shiba Inu (SHIB) has seen a price drop of approximately 8% over the past day. At the time of writing, SHIB was down 7.25% in the last 24 hours to $0.0000234 as the entire crypto market fell.
The dog-themed cryptocurrency Shiba Inu (SHIB) has seen a price drop of approximately 8% over the past day. At the time of writing, SHIB was down 7.25% in the last 24 hours to $0.0000234 as the entire crypto market fell.
The largest cryptocurrency market is currently experiencing a major sell-off as investors respond to better-than-expected May employment data.
The sell-off accelerated further after meme coin trader Keith Gill, popularly known as “Roaring Kitty”, held his first livestream since the Gamestop frenzy three years ago. The trading legend may have disappointed those who were expecting great news.
Zooming in, Shiba Inu has had lackluster trading since late May when it hit highs of $0.00002940. June started off on a bearish note, with SHIB only recording two green days so far. Currently, SHIB may be on track to record its third day of losses after hitting highs of $0.00002632 on June 5.
This recent drop has brought Shiba Inu closer to the 40 trillion SHIB support level, a crucial point that traders and analysts are closely monitoring. The support level is considered an important price point where buying interest could potentially overcome selling pressure, helping to stabilize or even recover the price.
According In the blockAccording to the Shiba Inu Global Money Inflow and Money Outflow Indicator, Shiba Inu is supported by 40 billion SHIB in the range of $0.000019 and $0.000023, where 60,050 addresses acquired 40.46 billion SHIB.
Tomiwabold OlajideAs SHIB approaches this crucial support level, several scenarios could unfold. If the 40 trillion SHIB support level holds, the price could rally as buyers step in, viewing this level as a buying opportunity.
On the other hand, if this support level is broken, SHIB could face further declines, which could trigger additional selling pressure as stop-loss orders are executed and traders exit their positions.
Another scenario could be that SHIB consolidates around this support level, trading within a range as the market looks for direction and traders wait for more signals.
