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Shiba Inu Might Be on Verge of Reversal as 470 Trillion SHIB Support Looms

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Mon, 29/04/2024 - 12:28
Shiba Inu Might Be on Verge of Reversal as 470 Trillion SHIB Support Looms
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The cryptocurrency market is currently under selling pressure, and Shiba Inu (SHIB) is no exception. Shiba Inu may be on course for its fourth day of losses since April 25, mirroring the price decrease of Bitcoin.

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Furthermore, beginning April 23, Shiba Inu will be set to mark six out of seven days in losses, extending its decline from highs of $0.000028. SHIB is down 13.62% in seven days.

The declines have brought SHIB close to critical support, where 470 trillion SHIB are being held by a substantial number of SHIB addresses.

According to IntoTheBlock data, next to the SHIB current trading range, 470.78 trillion SHIB were bought in the range of $0.000014 to $0.000019 by 85,110 addresses at an average price of $0.000016. 

IntoTheBlock
Global In/Out of the Money, Courtesy: IntoTheBlock

Strong support is envisaged at this range as a significant number of investors believe in the token's value at these prices, potentially resulting in reduced selling pressure. This raises the question: is there a price reversal in the cards for Shiba Inu?

Given the large amount of SHIB held by investors, the 470 trillion SHIB support level may be strong enough to initiate a bullish reversal, but broader market trends and crypto sentiment may play a more important role in determining SHIB's price direction.

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The market sentiment is a mix of caution and anticipation as investors and speculators brace for a major Federal Reserve meeting later this week. Anticipation is mounting about the meeting's probable indication of higher-for-longer interest rates, forcing market participants to brace themselves for possible implications on digital assets.

At the time of writing, SHIB was down 4.31% in the last 24 hours to $0.00002365, echoing the broader market sell-off that brought BTC to a one-week low of $61,928.

Over the weekend, Shiba Inu announced the migration of its DEX, ShibaSwap, to Shibarium. According to Lucie, a Shiba Inu team member, launching ShibaSwap on the Shiba Inu home chain is only the beginning of a long journey. ShibaSwap is going multi-chain, operating on both Shibarium and Ethereum, with ShibaSwap 1.75 on Shibarium being teased.

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