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67 Trillion Shiba Inu (SHIB) Level About to Disappear
The price of Shiba Inu (SHIB) has been under immense pressure in recent times, with the token plummeting over 70% since its all-time high. The current market setup is bearish, and SHIB’s prospects appear bleak at first glance. However, there is still a glimmer of hope for the cryptocurrency.
A critical level that could significantly impact the asset’s trajectory is the 67 trillion mark. If this benchmark vanishes due to persistent selling pressure, it may create an environment conducive to further declines, potentially putting investor patience to the test.
In contrast, if SHIB can find support at or near this threshold and start to recover, it may attract speculative buying interest, particularly from traders looking for a contrarian play. This could lead to a short-term bounce, which could be amplified by the cryptocurrency’s recent oversold status on indicators such as the RSI.
In anticipation of such an eventuality, investors are advised to monitor volume and key support levels closely. Should SHIB manage to stabilize or even regain some ground in the near term, it may serve as a sign that the bearish pressure is starting to dissipate.
As always, traders should exercise caution when dealing with highly volatile assets like SHIB and maintain their risk management strategies up-to-date.
Source: u.today
