As a long-term crypto investor with experience in the market, I’m keeping a close eye on Shiba Inu (SHIB) and its recent price movements. The token has taken a hit, experiencing a 4% dip in response to the broader market sell-off. I own a significant amount of SHIB, so this downturn is particularly concerning for me.
As an analyst, I’ve observed that the cryptocurrency market is undergoing a significant sell-off, and Shiba Inu (SHIB) has not escaped this trend. Specifically, SHIB has experienced a 4% price decrease in reaction to the prevailing market conditions. At present, SHIB has dipped 3.82% within the last 24 hours, bringing its value down to $0.0000166.
As an analyst, I’ve noticed that the latest market fluctuations have drawn attention to an astounding amount of 94 trillion SHIB tokens. The future of these tokens remains uncertain after a 4% decline in their value.
Based on IntoTheBlock’s data analysis, the SHIB token is presently transacting between $0.00014 and $0.00017. Approximately 94.35 trillion SHIB tokens have been acquired by around 58,040 distinct wallets, with an average purchase price of $0.00015 per token.
Observers are closely monitoring the SHIB price developments, as the trend could influence Shiba Inu‘s near-term market behavior.
As a researcher studying the SHIB token market, I’ve observed that a continued decrease in price could lead to a significant sell-off. This sell-off might put pressure on the next support levels, which are situated between $0.00008 and $0.00014. These levels represent a substantial amount of SHIB tokens having been acquired – approximately 153 trillion coins.
As an analyst, I would note that instead of merely experiencing a brief price correction, a rebound in Shib’s price could potentially lead to further gains. This upward trend might push the token price towards a significant resistance level situated between $0.000018 and $0.000019. At this juncture, approximately 421 trillion SHIB are accumulated.
Crypto market sell-off
As a researcher studying cryptocurrency markets, I’ve noticed that Shiba Inu’s price experienced a significant drop around the same time as a broader market decline. This shift in the market mood can be attributed to Jerome Powell’s statement on the economy and monetary policy during an event in Portugal.
Bitcoin fell below $61,000, while several other cryptocurrencies had losses ranging from 3% to 13%.
According to Powell’s statement, the Federal Reserve needed greater justification before deciding to lower interest rates further. This development is of great interest to cryptocurrency and risk asset investors.
As an analyst, I would interpret the current market sentiment as indicating a decreased likelihood, approximately 65%, of a Federal Reserve rate reduction at the upcoming FOMC meeting in September, based on data from the CME Group’s FedWatch Tool.
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2024-07-03 17:06