As a long-term crypto investor with experience in the market, I’ve seen my fair share of price dips and corrections. And while it’s always disheartening to see the value of my investments decline, I understand that these fluctuations are a normal part of the cryptocurrency landscape.
The canine-themed cryptocurrency Shiba Inu (SHIB) is at a crossroads as its value decreases, putting the strength of its previous bullish trend to the test. Recently, there was an increase in Shiba Inu’s price, which reached peaks close to $0.000028, but it subsequently experienced a decline.
Currently, SHIB is experiencing a 4.94% decrease over the last 24 hours, reaching a price of $0.00002432. This decline represents an extension of its drop from its April 25 peak at $0.0000265, which marks the second consecutive day of decreases. Since April 23, SHIB has shown a potential trend of losing ground on four out of five days.
Shiba Inu experiences a price drop as part of the wider market correction, during which Bitcoin reaches its lowest point in nearly a week. This market decline prompts anxiety among investors, who closely observe SHIB‘s efforts to maintain essential support points and resume its uptrend.
69 trillion SHIB range at stake
As an analyst, I would describe the situation by saying: “The ongoing price movement in SHIB centers around a pivotal level at approximately 69 trillion. Bulls are putting up a determined fight to protect this range from bearish attacks.”
As an analyst examining IntoTheBlock data, I’ve discovered that approximately 65,650 addresses purchased a total of 69.84 trillion SHIB tokens at prices between $0.000024 and $0.000027, with an average price point of $0.000027. Maintaining this crucial support level might indicate robust buying power among SHIB bulls, potentially paving the way for a rebound or even a significant price surge.
From a bears’ perspective, they may contend that the present pricing is questionable if the market doesn’t recover its strength. A prolonged decline could instigate a mass selling event, leading to a more significant decrease in SHIB‘s price.
The result of this significant price examination is expected to depend on several elements, such as investor attitudes and the trend of the cryptocurrency industry at large. With volatility staying high and doubts persisting, Shiba Inu supporters will need to show strength to conquer present challenges and reestablish bullish energy.
If the price of SHIB continues to decrease, potential support levels could be found between $0.000019 and $0.000024. Approximately 75,770 addresses have collectively purchased around 49.42 trillion SHIB at an average price of $0.000022 during this price range.
If the SHIB price recovers, however, buyers will encounter resistance in the price range of approximately $0.000027 to $0.000030. This is where over 38 trillion SHIB tokens are currently being held by around 90,800 different addresses.
Read More
- SOL PREDICTION. SOL cryptocurrency
- LUNC PREDICTION. LUNC cryptocurrency
- BTC PREDICTION. BTC cryptocurrency
- USD COP PREDICTION
- TON PREDICTION. TON cryptocurrency
- USD ZAR PREDICTION
- USD PHP PREDICTION
- Top gainers and losers
- ENA PREDICTION. ENA cryptocurrency
- WELSH PREDICTION. WELSH cryptocurrency
2024-04-27 17:45