Tue, 6/02/2024 – 16:15
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Dog-themed cryptocurrency Shiba Inu (SHIB) is currently trading in the 59 trillion SHIB range where the bulls and bears are locked in a fierce battle, with the outcome having significant implications for SHIB’s next price move.
Two possible scenarios could unfold, depending on whether SHIB can hold or break this level.
According to IntoTheBlock Global In and Out of Money, near where Shiba Inu trades presently, 59.76 trillion SHIB were bought by 76,240 addresses. At the time of writing, SHIB was down 1.49% in the last 24 hours to $0.000008866.
There are two likely scenarios: SHIB holds the 59 trillion SHIB level and rebounds. This scenario would indicate that SHIB still has enough demand and momentum to sustain its price above this level and that the buyers are willing to defend and accumulate SHIB at this level.
If this scenario happens and the bulls triumph, SHIB could aim for the next big resistance level, where 226.25 trillion SHIB were bought by 322,000 addresses at an average price of $0.000011 and potentially resume its uptrend. This range falls between $0.000009 and $0.000014. A complete takeover of this level by bulls might yield 90% upside gains for Shiba Inu, eliminating a zero from SHIB’s price.
In contrast, if SHIB breaks the 59 trillion SHIB level and falls, this scenario would indicate that SHIB has lost its support and that the sellers are in control of the market.
If this scenario happens, SHIB could face the next support level, where 25.93 trillion SHIB were bought by 63,730 addresses at an average price of $0.000008, where bulls might likely halt the declines.
In Shiba Inu-related news, Shibarium’s Puppynet is upgrading to the Sepolia network as its new base. Sepolia provides a robust testing environment that is identical to the Ethereum mainnet, guaranteeing that developers have a trustworthy platform to successfully test their dApps and smart contracts.