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Dog-themed cryptocurrency Shiba Inu (SHIB) is currently at a critical juncture as it approaches a significant support level of 471.54 trillion SHIB, while its price has dipped below the $0.00002 mark.
At the time of writing, SHIB was down 5.32% in the last 24 hours to $0.00001978, with a 62% increase in 24-hour trading volume.
Despite this activity, the price has been trending downward, matching the overall decline on the cryptocurrency market. This dip could be attributed to several factors, including profit-taking by investors.
Tomiwabold OlajideThe price decline brings SHIB closer to a crucial support level, where a large amount of SHIB was previously acquired by holders.
According to IntoTheBlock data, Shiba Inu sits on a major support next to where it currently trades: 471.54 trillion SHIB were acquired by 83,670 addresses in the range between $0.000014 and $0.000019 at an average price of $0.000016.
What's next for SHIB price?
At Shiba Inu's current trading range, a meager 3.9 trillion SHIB was bought in between $0.000019 and $0.00002 by 5,270 addresses. The comparatively low amount of SHIB purchased at this level indicates that there is minimal support in this area.
On the other hand, if the current support level holds, it could act as a springboard for SHIB's price to recover, attracting buyers looking for a favorable entry point. On the other hand, if Shiba Inu fails to hold its current levels, SHIB could face increased selling pressure, driving the price lower. This would prompt traders to hunt for fresh support levels, and the price might test the 471.54 trillion SHIB range.
Should SHIB find strong buying interest at the 471.54 trillion token range, a price bounce back over $0.00002 is possible, with the potential to regain lost ground and target higher levels.
As Shiba Inu nears the important support level of 471.54 trillion SHIB, the coming days might be critical for the cryptocurrency. The market is intently monitoring price action to predict the next move. Whether SHIB recovers or continues to drop, the outcome may influence the price trajectory of the dog-themed token.
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