142 Trillion SHIB: Will Shiba Inu’s Key Support Stand?

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As a seasoned crypto investor with a knack for spotting trends and reading market signals, I find myself closely watching Shiba Inu (SHIB) at this critical juncture. With my fingers crossed and years of experience guiding me, I’m cautiously optimistic about the future of this dog-themed cryptocurrency.

The canine-inspired digital currency, Shiba Inu (SHIB), is presently undergoing a crucial trial as it maintains its position slightly above a significant line of defense.

Based on data from IntoTheBlock, it appears that a significant amount of Shiba Inu (SHIB) is being held within a specific price range. More specifically, around the current trading price, approximately 142 trillion SHIB are being stored. This accumulation took place when 115,870 different addresses bought a total of 142.6 trillion SHIB between $0.000014 and $0.000018.

142 Trillion SHIB: Will Shiba Inu's Key Support Stand?

Currently, Shiba Inu (SHIB) has dropped by 2.76% over the past 24 hours, trading at $0.00001816. This dip is due to a wave of profit-taking sweeping across the cryptocurrency market. Following an upward trend, Shiba Inu had previously peaked at $0.00001956, but has since started to decline from there.

Today’s trading saw a surge in profit-making, as the value of Shiba Inu tokens dropped noticeably. The price fell from approximately $0.00001933 to reach a low of $0.000018 within just a few hours.

Currently, attention is focused on Shiba Inu’s upcoming potential support level. If this level manages to hold, it will influence the direction in which the Shiba Inu price moves next.

Potential scenarios

Based on the suggested support level, there’s a strong possibility that Shiba Inu could recover, possibly continuing its previous surge. If this happens, Shiba Inu might aim for approximately 0.00002 or even 0.000028 in price.

If Shiba Inu continues its current downward trend and fails to hold its present support level, it could shift to trading within the range defined by its daily moving averages of around $0.00001899 (50-day MA) and $0.00001595 (200-day MA). This means Shiba Inu may oscillate between these two prices for a period of time.

As an analyst, I’ve noticed an unexpected spike in daily transactions on Shibarium, the layer-2 blockchain within the Shiba Inu ecosystem. This surge has propelled the platform beyond a remarkable milestone of 419 million total transactions, signifying substantial progress in its evolution and user adoption. Glancing at Shibariumscan, I see that the current total transactions for Shibarium stand at an impressive 419,111,861.

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2024-10-21 19:12