Shiba Inu （SHIB） identifies a critical support level amid a 5% price decline, suggesting potential stabilization or further drops.
Points
- SHIB dropped for six consecutive days, hitting lows of $0.0000141.
- A critical support range is identified between $0.000014 and $0.000015.
- Substantial accumulation of SHIB tokens in this range indicates strong buying interest.
- Short-term and long-term price predictions hinge on maintaining this support level.
Shiba Inu （SHIB）, the popular dog-themed token, has been on a downward trajectory, falling for six consecutive days. After reaching highs of $0.0000176 on July 27, SHIB’s price plummeted to lows of $0.0000141 in today’s trading session. However, a key support level has emerged, potentially stabilizing the token’s value.
Support Level Analysis
On-chain data indicates that approximately 94.88 trillion SHIB tokens were accumulated by 14,600 addresses within the $0.000014 to $0.000015 range. This substantial accumulation suggests strong buying interest, which could help stabilize the price and potentially lead to a recovery.
Short-Term Outlook
At the time of writing, SHIB is trading at $0.0000147, down 1.99% in the last 24 hours. This decline mirrors the broader market’s downward trend, driven by risk aversion and financial market uncertainties. In the very short term, the $0.000014 to $0.000015 range will be crucial. If SHIB can sustain its rebound from these levels, it might indicate a bottoming out, paving the way for a potential recovery.
Long-Term Prospects
For a bullish reversal, SHIB needs to break above the daily moving averages of 50 and 200 at $0.0000172 and $0.0000203, respectively. Achieving this would signal the beginning of a bullish trend, potentially leading SHIB out of its current trading range. Conversely, if declines continue, the next major support lies between $0.000008 and $0.000014.
Conclusion
SHIB’s recent price action highlights the importance of the $0.000014 to $0.000015 support range. Maintaining this level is key for potential recovery. Investors should monitor these levels closely as they could determine SHIB’s short-term and long-term direction.
解説
- SHIB’s price drop and subsequent support level reveal strong market interest and potential stabilization.
- The significant accumulation of SHIB tokens within the support range indicates bullish sentiment among investors.
- Breaking above key moving averages could signal a bullish reversal, while failure to maintain support might lead to further declines.
- Investors should closely watch these technical levels to navigate SHIB’s market movements effectively.