As an experienced analyst, I have closely followed the cryptocurrency market for years, and I have seen my fair share of ups and downs in various digital assets, including Shiba Inu (SHIB). In the last 24 hours, SHIB has experienced a nearly 3% drop in value, which has raised concerns among investors and traders alike.
As a crypto investor, I’ve noticed that Shiba Inu (SHIB), the popular dog-themed cryptocurrency, has experienced a roughly 3% decrease in value over the past 24 hours. Currently, SHIB is trading at $0.000024, representing a 2.47% drop from its previous price. The coin touched intraday lows at $0.00002284.
The price drop has caused SHIB to fall beneath the significant daily Simple Moving Average (SMA) 50 mark at $0.00002447. Shiba Inu supporters managed to surpass this pivotal threshold towards the end of May, but their efforts to transform it into a supportive level have been met with continuous challenges from both bulls and bears.
The decrease in SHIB‘s price below its 50-day moving average has piqued the interest of investors and traders, who are now keeping a close eye on the cryptocurrency’s developments, looking for indications of potential rebound or continued slump.
During SHIB‘s current important stage, it is expected that the next noteworthy resistance level will be around $0.000025 to $0.00003. Resistance levels hold significance since they denote the price at which selling force surpasses buying force, possibly resulting in a pricing plateau or reversal. For SHIB, breaching this barrier could indicate a bullish trend and attract more investors to jump on board.
As an analyst, I find it fascinating how this resistance level has amassed a significant quantity of SHIB during prior transactions.
Based on information from IntoTheBlock’s on-chain analysis, approximately 92.2 trillion SHIB tokens were acquired by around 124,220 distinct addresses at prices ranging between $0.000025 and $0.00003, with an average transaction price of $0.000028 for these purchases.
As a researcher studying the Shiba Inu cryptocurrency market, I would rephrase it as follows: With such a vast amount of SHIB accumulated in this price range, Shiba Inu has the potential to gain momentum and surpass the current resistance level. To achieve this, Shiba Inu must prevent any further drops by maintaining its position above a crucial support zone where approximately 26 trillion SHIB are currently being held.
According to IntoTheBlock’s statistics, approximately 26.55 trillion Shiba Inu tokens were acquired by around 62,080 wallets in the current trading band of $0.000023 to $0.000025. For SHIB to resume its upward trend and move beyond range trading, it needs to surpass and definitively breach the daily Simple Moving Average (SMA) 50 at $0.00002447.
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2024-06-06 12:47