The canine-centric digital currency, Shiba Inu (SHIB), is approaching a vital price range under the present market turmoil. This week, the cryptocurrency market experienced a substantial dip, leading to numerous crypto assets being liquidated and losing millions of dollars in value.
As a researcher, I’ve observed an interesting shift in the cryptocurrency market since the start of the new year. Initially, Bitcoin surged back to reclaim the $100,000 mark, signaling a promising beginning. However, its momentum seems to have waned, causing a dip to its lowest point this year.
Similarly, Shiba Inu, not immune to the bearish trend, experienced lows of $0.00002 on January 8th, during a three-day price drop. This pattern suggests a broader market downturn that could be influencing multiple cryptocurrencies.
On Friday and extending into Saturday, Shiba Inu started recovering with intraday peaks at $0.00002216. At this moment, Shiba Inu has risen by 1.53% in the last 24 hours to reach $0.00002183, but over the past week, it has dropped by 11.12%.
On a daily chart, the Relative Strength Index (RSI) has dropped below its midpoint, hinting at a potential advantage for bearish traders. However, Shiba Inu is currently in a holding pattern or range trading, with its 50 and 200-day moving averages standing at $0.00002519 and $0.0000189 respectively. The direction Shiba Inu might take next is a topic of much discussion due to the current market volatility, with many investors pondering where it may head next.
Major support level highlighted
Based on blockchain information, there’s a substantial holding area containing about 532 trillion SHIB tokens that might act as the next crucial support point for this meme currency should market instability continue.
Based on IntoTheBlock’s data, approximately 532.61 trillion SHIB were purchased across a price range of $0.000014 to $0.000019, with an average transaction price of $0.000016. These transactions were made by about 133,600 different addresses. Since these same addresses previously bought at this price range, it’s anticipated that they might offer support for the token price as increased buying activity is expected in this price range due to their previous involvement.
A sizable storage capacity implies that holders within this price range may be reluctant to sell unless the Shiba Inu coin’s value decreases substantially beneath this range. Consequently, there is reduced incentive for holders to liquidate their positions due to a lack of need to recoup their investments.
Just beneath Shiba Inu’s current price of $0.0000218, there lies a relatively weak support area stretching from $0.000019 to $0.000021. Approximately 18.2 trillion SHIB were purchased by around 20,000 different addresses in this price range. This middle level of support might offer some protection during a potential price drop, although it may not be as robust as the $532 trillion SHIB range.
Read More
- REPO: How To Fix Client Timeout
- REPO: All Guns & How To Get Them
- How to Apply Custom Tattoos From the Gallery in The Sims 4
- BTC PREDICTION. BTC cryptocurrency
- REPO: How To Play Online With Friends
- All Balatro Cheats (Developer Debug Menu)
- How to Heal in REPO
- 6 Best Mechs for Beginners in Mecha Break to Dominate Matches!
- LUNC PREDICTION. LUNC cryptocurrency
- POL PREDICTION. POL cryptocurrency
2025-01-11 18:39