Shiba Inu (SHIB) fell alongside the rest of the market on May 8 as investors weighed concerns within and outside the industry.
At the time of writing, SHIB was down 4.32% in the last 24 hours to $0.000009 after setting intraday lows of $0.0000087.
According to IntoTheBlock data, Shiba Inu is wading through a significant demand area. After the SHIB price briefly lost the $0.000009 level on May 8, Shiba Inu faced the next key support at $0.000008, where 30,780 addresses bought 14.43 trillion SHIB.
This might imply that 30,780 Shiba Inu addresses might be at risk of losing their positions of over 14 trillion SHIB if the price drops below $0.000008.
However, bulls seem to be putting in an attempt to reclaim the $0.000008 to $0.00009 level, which is the largest in the clusters of support.
Per IntoTheBlock data, more Shiba Inu holders bought in this range, with 31,760 SHIB addresses making their purchase at the maximum price of $0.000009.
SHIB approaching oversold levels
Shiba Inu prices steadily declined after reaching highs of $0.0000159 on Feb. 4. The bulls' attempt to restart the uptrend met a wall at the April 16 high of $0.000011.
Shiba Inu appears to be approaching oversold levels as indicated by the daily RSI, which has fallen below the 30 level. An oversold or undervalued condition is often indicated by an RSI reading of 30 or lower.
Shiba Inu is currently trading below its daily moving averages of MA 50 and 200 near $0.0000106, which represent a significant barrier for upward movement.
Meanwhile, traders might pay attention to the Shiba Inu daily moving averages, as these are expected to make a crossing in days or weeks.