The price of the dog-themed cryptocurrency Shiba Inu (SHIB) has dipped in the last few days in response to profit-taking.
If today closes in red, SHIB would mark its third consecutive day of losses, culminating in a 29% decline weekly. At the time of writing, SHIB was down 15% in the last 24 hours to $0.00002476.
Shiba Inu's decline comes amid a broader drop in the crypto markets at the week's close, as investors considered the outlook for interest rates after inflation data released Thursday came in higher than expected.
Despite the recent price dip, the dog-themed cryptocurrency has managed to hold its footing at a crucial 81 trillion SHIB level, a testament to its resilience in a fluctuating market.
According to IntoTheBlock data, where Shiba Inu currently trades, 81.94 trillion SHIB was bought by 115,950 addresses between the price range of $0.000022 and $0.000028 at an average price of $0.000025.
Maintaining this level is crucial for the confidence of SHIB holders, as it signals stability and potential for recovery.
A somewhat weak support exists away from the SHIB present price level, where 35.53 trillion SHIB were purchased by 29,290 addresses for an average price of $0.000021 in the $0.000019 to $0.000022 range.
This is due to Shiba Inu's rapid advance at the start of March, which left it with little time to build support around its current trading range.
Moving ahead, Shiba Inu faces a lesser hurdle between $0.000028 and $0.000031, with 15.31 trillion SHIB purchased among 39,310 addresses at an average price of $0.000029.
Looking ahead, the ability of Shiba Inu to sustain the 81 trillion SHIB level will be closely watched by the crypto community.