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The cryptocurrency market is watching with bated breath as Shiba Inu (SHIB) bulls face a critical test at the 56 trillion SHIB level.
At this key range, the SHIB price is witnessing a tug-of-war between bulls and bears. The outcome of this battle could set the tone for SHIB's market performance in the days ahead.
According to IntoTheBlock, 56.82 trillion SHIB were bought in the range of $0.000026 and $0.000029, around where SHIB currently trades by 2,880 addresses at an average price of $0.000027.
A strong defense of this level by bulls could signal renewed confidence in the token's potential, while a breach by the bears might indicate a loss of support and a possible downturn in price.
In this case, there are two possible outcomes: the 56 trillion SHIB level could serve as a springboard for growth or a barrier that causes a decline.
If this level is successfully reached, Shiba Inu will move to the next mega resistance in the area of $0.000029 to $0.000051, where 94.17 trillion SHIB were purchased by 239,610 addresses at an average price of $0.000036.
On the other hand, if Shiba Inu loses the support of its current trading range at $0.000026, bulls will face a stiff challenge. This is because there is very little support beneath this area, with the next major support between $0.000019 and $0.000025, where 77.26 trillion SHIB were purchased by 85,040 addresses at an average price of $0.000023.
At the time of writing, SHIB was up 0.85% in the last 24 hours to $0.000027.
In positive news, Shiba Inu has joined the Content Delivery and Security Association (CDSA) to explore opportunities for media and entertainment afforded by new blockchain technologies.
In other news, Shiba Inu partner d3 has announced new updates, including support for BONE and SHIB payments on Shibarium and direct-to-wallet minting.
Alex Dovbnya
Gamza Khanzadaev
