Here’s Next Major Shiba Inu Support Level as SHIB Dumps Hard
After experiencing a significant resistance, Shiba Inu is now facing a crucial support level that must hold in order to see a price rebound.
The broader cryptocurrency market has witnessed substantial downside movement in the past 24 hours, triggered by Bitcoin’s sudden drop to $94,000. Shiba Inu has not been spared from this capitulation, as its price has fallen over 10% in the past day.
According to a recent report, Shiba Inu’s decline was influenced by a strong resistance area. Crypto Basic has reported that the meme coin corrected from a multi-month supply zone around the $0.00003343 price mark, which an analyst identified as its 0.618 Fibonacci extension level.
Data from IntoTheBlock reveals that this resistance level is held by 153,110 addresses, which collectively own 28 trillion SHIB at an average price of $0.000032. The supply offered at this price level proved insurmountable for Shiba Inu, resulting in a correction of over 10%.
Meanwhile, further analysis indicates the next major support area for Shiba Inu in the event of a continued downtrend. According to data from IntoTheBlock, this support level is at $0.000022, where a significant number of addresses hold a substantial amount of Shiba Inu. This zone represents the token’s next local demand area.
The analysis shows that 107,920 wallet addresses purchased Shiba Inu between the price range of $0.000019 and $0.000024, with an average price of $0.000022. Notably, these addresses hold a total of 119.55 trillion SHIB, which could serve as a strong buffer against further downward momentum.
Currently, Shiba Inu is trading at $0.00002687, still more than 22% away from the primary support area. It is worth mentioning that if the meme coin can sustain trading around the current price level, there is a possibility of a retest of the failed resistance zone at $0.000032.
On-chain analysis of Shiba Inu reflects the prevailing bearish sentiment in the market. Signals from the meme coin remain largely bearish, with all four major indicators suggesting skepticism among market participants.
For instance, large transactions within the Shiba Inu network have decreased in the past 24 hours, and the net network growth remains negative. Additionally, more SHIB holders are now at a loss, while accumulation among whales has declined in the past day.
However, despite the bearish market conditions, a significant 64% of Shiba Inu holders are still in profit at the current market price. Among the remaining 36%, 10% are at break-even, while the other 26% are experiencing portfolio losses.
Tags: Latest Shiba Inu (SHIB) News Today, Shiba Inu Price Prediction