As a seasoned crypto investor with battle scars from more than a few market cycles, I find myself closely watching Shiba Inu (SHIB) once again. The 88 trillion SHIB support level, where a monumental amount was accumulated, is now within striking distance. This zone has the potential to spark significant activity if it comes into play during a dip.
Keeping an eye on Shiba Inu (SHIB) as a crucial support level, close to its current price range, is important for traders. This vital support area corresponds to a location where approximately 88 trillion SHIB were earlier amassed. Should the prices fall, this support level could be activated, possibly triggering substantial market action.
166,700 different wallets collectively purchased approximately 88.37 trillion SHIB tokens at prices ranging from $0.000024 to $0.00029, with an average transaction price of $0.000026, according to on-chain data from IntoTheBlock. Such extensive purchases can suggest a solid foundation or floor for the token’s value, as investors may be prepared to step in and support the price when needed.
At the time of writing, SHIB was up 2.65% in the last 24 hours to $0.00003119 and up 17% weekly.
In other words, if Shiba Inu (SHIB) dips below its current value and touches this level of support, it could trigger a surge in buying activity, which may help maintain or even boost the price. Conversely, if this support level breaks down, it could lead to a rise in selling pressure and potential further declines.
Eyes on Shiba Inu’s price
Keeping an eye on the 88 trillion SHIB stability point is essential, as Shiba Inu moves through its present market stage. If this level sparks increased demand from buyers or leads to more declines depending on overall market trends and investor attitudes in the upcoming days remains to be seen.
At present, Shiba Inu (SHIB) is hovering around a crucial region, with potential resistance at approximately $0.000033 and support at roughly $0.000026. If SHIB falls below the $0.000026 level, it could challenge the robustness of an 88 trillion SHIB support group. Should this support remain intact, it could serve as a sturdy base for a possible price surge. On the flip side, if this support weakens, SHIB might face additional decreases, probing lower support zones. A fall below $0.000026 could lead to a descent to the 50-day Simple Moving Average (SMA) at around $0.00002295.
At present, the market is keeping a close eye on Shiba Inu’s (SHIB) price trends to determine whether it can maintain and grow beyond its current position, or if a decline might be triggered, causing this crucial support level to break.
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2024-12-07 18:51