Shiba Inu, the popular meme cryptocurrency, is currently demonstrating strong support at the $0.000015 price point. This level is fortified by a significant accumulation of over 91.7 trillion SHIB tokens.
Despite the overall crypto market experiencing a slowdown in selling pressure, the optimistic outlook for July remains intact. Historical data from CryptoRank indicates that July typically sees a bullish trend in the crypto market, with Bitcoin (BTC) recording a median monthly return of 8.44%, ranking it fifth in terms of monthly performance.
Top altcoins, including Shiba Inu, often mirror Bitcoin’s price movements closely. Consequently, market experts have been anticipating this positive momentum to ripple through the broader market. Yet, contrary to these bullish projections, Bitcoin has witnessed a decline of 6.46% in the current month of July.
Shiba Inu has mirrored this downward trend, enduring a significant drop of 8.63% in July. It’s important to note that The Crypto Basic had previously indicated that such sharp declines in SHIB’s value could precede a potential recovery. Additionally, Uphold’s Dr. Martin Hiesboeck highlighted a Bitcoin double top pattern that could lead to further decreases in value.
**Shiba Inu’s Strong Support at $0.000015**
Following persistent decreases, Shiba Inu has relinquished a key support level at $0.000016. Nevertheless, the meme coin, presently valued at $0.00001567, is now leaning on a sturdier support level for protection. Notably, Shiba Inu has a substantial backing where 48,740 wallet addresses collectively hold 91.77 trillion tokens at an average price of $0.000015.
*Shiba Inu Support | IntoTheBlock*
This group constitutes the second-largest volume of SHIB support, surpassed only by the formidable 155.15 trillion SHIB safeguard at $0.000010. With the breach of the $0.000016 support, Shiba Inu is expected to exhibit greater resistance to the downward trend. To put it into perspective, the $0.000016 support had a relatively meager 5.07 trillion SHIB tokens, rendering it somewhat fragile.
**Elements Reinforcing This Support**
Apart from the substantial holdings at $0.000015, Shiba Inu may benefit from a growing demand for its tokens. Additional insights from IntoTheBlock reveal that since June 29, investors responsible for more than 1% of the total 24-hour trading volume have been net buyers of SHIB.
*SHIB Bulls and Bears | IntoTheBlock*
During this period, while sellers have parted with 10.48 trillion SHIB, buyers have acquired 10.98 trillion tokens. This equates to a surplus demand of 500 billion SHIB in just six days, with a notable 237 billion on July 3 alone. Moreover, the market has consistently registered a daily surplus demand since June 29, a trend that is likely to fortify the $0.000015 support level.
Another element that could enhance this support zone is the ongoing trend of withdrawals from exchanges. The Crypto Basic reported that a new whale wallet has recently withdrawn over 583 billion SHIB from Binance, marking one of several such instances. Significantly, since June 1, there has been a net outflow of 7.8 trillion SHIB from exchanges.
As Shiba Inu is currently trading at $0.00001559, this pattern contributes to a reduction in selling pressure. For Shiba Inu to maintain its $0.000015 support, it must uphold the lower Bollinger Band at $0.00001526. Should it fall below this mark, the Fibonacci level 0 ($0.00001513) would come into effect, serving as the final bulwark in this price region.
*Shiba Inu Bollinger Bands and Fibonacci Retracement*
**Disclaimer:** The information provided here is for educational purposes and should not be taken as financial advice. The opinions expressed are those of the author and do not necessarily represent the views of The Crypto Basic. Readers should conduct their own research before making investment decisions. The Crypto Basic assumes no liability for any financial losses incurred.
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