Global Cryptocurrency Market Fluctuations: Shiba Inu Prices at Risk of Sharp Decline?

Title: 16 Trillion SHIB at Risk: Shiba Inu Struggles to Find Support Below Key Level

As the cryptocurrency market continues to fluctuate, a significant amount of Shiba Inu (SHIB) is at risk of being sold off if bearish momentum intensifies. According to recent data, approximately 16 trillion SHIB are currently being held by addresses below $0.000019, a critical level that the asset must maintain to avoid a sharp decline.

The current price action has seen Shiba Inu struggle to find support at this key level, with the asset facing the risk of breaking down if sellers gain traction. The bearish momentum is fueled by the relatively small size of SHIB’s cluster compared to larger ones higher up, raising concerns about a potential breakdown.

In the event that SHIB breaks below $0.000019, the next significant support lies between $0.000014 and $0.000019, where an enormous 532.56 trillion SHIB are being held by 134,810 addresses. This level is critical for the asset’s future direction, as a breakdown could result in a sharp correction.

On the other hand, if buyers can rally the price above $0.0000223, the current rebound may be sustained. Stronger resistance at $0.000024 would need to be overcome to confirm this possibility. Any decisive move beyond the daily Simple Moving Averages (SMA) of 200 and 50 would determine SHIB’s next course of action.

A break above the SMA 50 could signal a recovery, potentially pushing the price as high as $0.00003 or even $0.000033. However, any failure to hold this level may result in a more severe correction.

This article was written by Tomiwabold Olajide

Source: u.today