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With the future of its support in jeopardy, Shiba Inu is currently trading at a crucial price level. The profitability metrics indicate that a significant support range is linked to a staggering 429 trillion SHIB tokens. The selling pressure may increase if this support breaks. The price chart shows that SHIB is still struggling and that it is not able to recover lost ground by gaining enough bullish momentum. The asset is still below important moving averages, indicating a continued downward trend despite recent attempts at a recovery.
The 100 and 200 EMAs offer little cushion, while the 50 EMA has become resistant. SHIB is presently circling around $0.0000187 after failing to overcome the resistance level close to $0.0000220. A deeper correction is more likely if the price is unable to recover $0.0000217. According to on-chain data the majority of SHIB holders are losing money because only 9.17% of addresses are in the money at the current price levels.
Over 21.58% of holders are at break-even, while a startling 69.25% of holders are still waiting for the price to recover. Active addresses are concentrated in the $0.000018-$0.000020 range which suggests that a selling pressure wave may develop if SHIB falls below this level. The next significant support, if this occurs, is probably going to be close to $0.000016, from which SHIB previously recovered during its most recent correction.
Godfrey BenjaminSHIB needs to break $0.0000217 in order to strengthen again, which would enable a possible move toward $0.0000225 and $0.000024. Otherwise, there may be more of a decline. The mark of $0.000016 is a crucial level to keep an eye on. A gradual recovery may be in store if SHIB is able to maintain above its current support. A deeper decline, though, might be unavoidable if the selling pressure increases. Whether SHIB can hold onto its position or face further challenges will be determined in the coming days.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Tomiwabold Olajide
Dan Burgin
Vladislav Sopov