As a seasoned crypto investor with a few battle scars on my portfolio, I’ve learned to keep an eye on crucial support levels during market downturns. The recent price dip of Shiba Inu (SHIB) has me paying close attention to the significant support range identified by on-chain data between $0.000008 and $0.000014.
With Shiba Inu experiencing a notable price decrease, crucial insight can be gained from the next substantial support level identified through on-chain data. The range between $0.000008 and $0.000014 is significant because approximately 155.15 trillion SHIB were purchased during this time, based on available data. This range could potentially function as a strong protective barrier against more extensive price drops.
Based on IntoTheBlock’s data, approximately 155.15 trillion SHIB coins were acquired by around 358,200 unique wallets for an average price between $0.000008 and $0.0014, with the average purchase price being $0.00001.
As a crypto investor, I’ve noticed that when the price of SHIB hovers around a certain range, it often attracts a significant number of investors. These newcomers to the market are likely to protect this level, possibly even buying more SHIB to prevent any potential price drops from pushing beneath their initial purchase price. This defensive action could establish a solid foundation for the SHIB price and create a floor in the market.
As an analyst, I’ve observed a significant purchase volume of SHIB within this price range. This strong buying activity suggests a high level of investor confidence in the coin, which could provide support for the current price and even initiate a price rebound should market circumstances become more favorable.
Should the SHIB price experience a rebound, it would be crucial for bulls to drive the token’s value above the $0.000020 mark. If successful, SHIB could initiate a recovery trend towards $0.000025. Conversely, if the Shiba Inu price persists in declining, it might dip down to $0.000014 and further to $0.000010.
Crypto market sell-off
The cost of Shiba Inu is decreasing as part of a broader cryptocurrency market sell-off, resulting in approximately $321 million being liquidated over the past 24 hours, based on CoinGlass statistics.
Currently, SHIB is priced at $0.00001526, marking a 9.51% decrease within the previous 24 hours. Over the past week, its value has dropped by 10.25%. Simultaneously, Bitcoin‘s price dipped below $58,000 as most cryptocurrencies experienced selling pressure.
The significant decline, notably in the value of Bitcoin, has mainly been attributed to Mt. Gox, the collapsed Japanese cryptocurrency exchange. Starting in early July, it will initiate the process of returning approximately $8.5 billion in Bitcoin to its affected clients.
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2024-07-04 14:56