Critical Price Range for Shiba Inu: A Key Support Level Amid Major Market Sell-Off
According to on-chain data, 358,200 addresses bought 155.15 trillion SHIB within this range, with an average price of $0.00001. This indicates a price level at which a considerable number of investors entered the market. These investors are likely to defend this range, potentially buying more SHIB to prevent the price falling below their average entry point. This behavior could establish a floor for SHIB’s price.
The significant price drop has revealed a substantial support range for Shiba Inu, identified by on-chain data, which could serve as a crucial reference point for its price movement. The range between $0.000008 and $0.000014, where 155.15 trillion shib inu (SHIB) tokens were acquired, is poised to act as a significant barrier against further declines.
The substantial acquisition of SHIB within this range demonstrates strong buying interest, which may help stabilize the price and possibly lead to a rebound if market conditions improve.
In the event of a price recovery, bullish investors may need to push SHIB’s price above $0.000020 promptly. Success in doing so could initiate a rally toward $0.000025. Conversely, if Shiba Inu’s price continues to decline, SHIB might drop to $0.000014 and then to $0.000010.
Intense Selling in the Cryptocurrency Market
Shiba Inu’s price fell amid widespread selling in the cryptocurrency market, with $321 million liquidated in the past 24 hours, according to CoinGlass data. At the time of writing, SHIB’s price had dropped by 9.51% in the last 24 hours to $0.00001526, and by 10.25% over the past seven days. Bitcoin’s price also fell below $58,000 as most cryptocurrencies were sold off.
Read more Massive Cryptocurrency Market Crash: Shiba Inu (SHIB) Takes a Hit
A significant factor in the overall decline, particularly in Bitcoin’s price, is the halted Japanese cryptocurrency exchange Mt. Gox, which is set to start repaying approximately $8.5 billion in Bitcoin to its creditors in early July.
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