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Shiba Inu: 65 Trillion SHIB at Risk as Price Suddenly Drops 4%

Fri, 31/05/2024 – 15:49

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Shiba Inu (SHIB) is facing a critical moment amid its recent price drop. This decline puts the 65 trillion SHIB level at risk, a significant support zone that has previously helped stabilize the token’s value.

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Shiba Inu’s price has fallen nearly 4% in the last 24 hours. This dip comes amid a broader market decline as investors reacted to the latest release of key inflation data, which provided hints about the path ahead for interest rates.

Bitcoin fell alongside other cryptocurrencies as the U.S. announced that the core PCE price index in April was 2.8% YOY, compared to the predicted 2.80% and the prior 2.80%. The U.S. core PCE price index fell to 0.2% in April, lower than predicted, and the lowest since December 2023.

At the time of writing, several cryptocurrencies traded in red, alongside SHIB, which was down 3.46% in the last 24 hours to $0.0000255.

IntoTheBlock
Global In/Out of the Money, Courtesy: IntoTheBlock

According to IntoTheBlock data, 65.53 trillion SHIB were bought by 62,110 addresses in the range of $0.000025 and $0.000027 at an average price of $0.000026.

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The recent drop in the SHIB price has put this key range under the microscope, with SHIB approaching the lower end of this range at $0.000025. Market analysts are keeping a tight eye on the SHIB price, as holding above the 65 trillion SHIB range could be pivotal for SHIB’s short-term price action. If the price stabilizes or bounces back from this point, it could reinforce the support level’s strength and possibly lead to a bullish trend.

However, if the price continues to decline and the 65 trillion SHIB level is lost, it could open the door for a deeper correction, possibly to $0.000019.

According to on-chain data, Shiba Inu’s next major support lies between $0.000019 and $0.000025, where 59 trillion SHIB were bought by 111,420 addresses. On the other hand, if SHIB could surpass the key 65 trillion level, Shiba Inu might challenge the key barrier at $0.000027 and $0.000030.

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