The post Shiba Inu (SHIB) Finds Crucial Support Range Amid Recent Price Decline appeared on BitcoinEthereumNews.com.

Shiba Inu (SHIB), the dog-themed cryptocurrency, has recently identified a crucial support range amid its ongoing price drop. After hitting a high of $0.0000176 on July 27, SHIB experienced a six-day consecutive decline, stressing the token’s market value. The token managed to bounce back from today’s low at $0.0000141, establishing a critical support level, corroborated by substantial on-chain data. Dive into Shiba Inu’s recent market trends and the pivotal price range that might shape its future trajectory. Stay ahead of the curve with our in-depth crypto analysis. SHIB’s Crucial Support Level Amidst Recent Decline Shiba Inu’s recent market performance has caught the attention of many crypto enthusiasts and analysts. On July 27, SHIB surged to a peak of $0.0000176 but was unable to sustain this upward movement. Over the next six days, the token’s value declined sharply, dropping to a low of $0.0000141 today. This level has been identified as a significant support zone, primarily due to substantial accumulation within this price range. On-chain data from IntoTheBlock reveals that 94.88 trillion SHIB tokens were acquired by 14,600 addresses between $0.000014 and $0.000015, establishing a resilient support base. Market Sentiment and Future Implications The ongoing accumulation at the $0.000014 to $0.000015 range suggests strong buying interest, which could serve as a stabilizing force for SHIB’s price. Market sentiment plays a critical role in evaluating SHIB’s future price movements. As of the latest trading session, SHIB has declined by 1.99% in the past 24 hours, standing at $0.0000147. This trend mirrors the broader crypto market, which has experienced downward pressure due to heightened risk aversion in financial markets and the recent completion of Genesis’ bankruptcy restructuring. Key Indicators to Watch In the short term, the $0.000014 to $0.000015 price range is a key area to monitor. Should SHIB maintain its rebound from…

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Filed under: News - @ August 5, 2024 2:16 am