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Dog-themed token Shiba Inu (SHIB) has revealed a critical support range amid its recent price decline.
Shiba Inu fell for six days in a row after reaching highs of $0.0000176 on July 27, putting downward pressure on the token's value. This bearish trend saw SHIB falling to lows of $0.0000141 in today's trading session. Shiba Inu managed to rebound from these lows, highlighting this key level as support.
On-chain data substantiates this support level. According to IntoTheBlock data, 94.88 trillion SHIB were bought by 14,600 addresses between $0.000014 and $0.000015, confirming this range as support.
Tomiwabold OlajideThe substantial accumulation of SHIB in this price range might indicate strong buying interest at these levels, which could help stabilize the price and potentially lead to a recovery.
What's next for SHIB price?
At the time of writing, SHIB was down 1.99% in the last 24 hours to $0.0000147, mirroring the general declines in the crypto market. SHIB is likewise down 16% on a seven-day basis.
Cryptocurrencies fell as risk aversion swept through financial markets, and Genesis began distributing digital assets to creditors after completing its bankruptcy restructuring.
In the very short term, the $0.000014-$0.000015 range might be a key area to watch as the market reacts to recent price movements. The ability of SHIB to sustain its rebound from these levels might be key in deciding its short-term path.
If SHIB can stay above this level, it could indicate a probable bottoming out and open the way for a rebound. On the upside, a sustained break above the daily moving averages of 50 and 200 at $0.0000172 and $0.0000203, respectively, could be the first sign of a bullish rebound, leading SHIB to exit its current trading range.
On the other hand, if declines continue, SHIB's next major support range highlighted by on-chain data lies between $0.000008 and $0.000014.
Yuri Molchan
