Shiba Inu Crucial Support Revealed Amid 5% Price Drop

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As a seasoned crypto investor with a portfolio that includes a fair share of meme coins, I must admit that Shiba Inu (SHIB) has been quite the rollercoaster ride. Over the past few days, the dog-themed token has seen a six-day losing streak, reaching lows of $0.0000141 today – a stark contrast to its July 27 high of $0.0000176.

The popular dog-based digital asset, Shiba Inu (SHIB), has recently shown a significant level of price stability within a crucial support zone during its latest price drop.

For six consecutive days, Shiba Inu has been experiencing a downturn after hitting a peak of $0.0000176 on July 27. This decline has exerted pressure on the token’s worth. The bearish trend reached its lowest point today at $0.0000141 in trading, but Shiba Inu has since shown signs of recovery. This low level appears to serve as a supportive base for the token.

The information stored on the blockchain verifies that this price level is being supported. According to data from IntoTheBlock, approximately 14,600 separate addresses have purchased around 94.88 trillion SHIB within the range of $0.000014 and $0.000015, thereby indicating that this price range is acting as a support level.

A significant buildup of SHIB around these prices suggests robust demand at these points, possibly maintaining the price and even paving the way for an upward trend.

What’s next for SHIB price?

Currently, Shiba Inu (SHIB) is experiencing a decrease of 1.99%, making its price stand at $0.0000147 over the past 24 hours. This decline is in line with the broader trends seen across the cryptocurrency market. Over the last week, SHIB has also dropped by approximately 16%.

1. The value of cryptocurrencies dropped due to increased cautiousness among investors in the financial sector, while Genesis concluded its bankruptcy reorganization and started dispensing digital assets to its creditors.

Shiba Inu Crucial Support Revealed Amid 5% Price Drop

As a researcher, I’m keeping a close eye on the $0.000014-$0.000015 range in the near future. Whether Shib can maintain its recovery from these points could significantly influence its short-term trajectory.

If Shiba Inu (SHIB) manages to maintain its position above the current level, it might hint at a potential end to its downward trend and pave the way for an upward surge. On the positive side, a consistent rise beyond the daily moving averages of $0.0000172 (50-day MA) and $0.0000203 (200-day MA) could mark the beginning of a bullish recovery for SHIB, allowing it to move past its current trading limits.

If the downward trend persists, the next significant level of support for Shiba Inu (SHIB), as indicated by on-chain analysis, is estimated to be between $0.000008 and $0.000014.

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2024-08-03 20:49