Shiba Inu, the popular dog-themed cryptocurrency, is currently facing a dilemma as its price dips by 29%. This decline is primarily a result of profit-taking by investors. If the day closes in the red, it would mark the third consecutive day of losses for SHIB, with a weekly decline of 29%. As of now, SHIB is down 15% in the last 24 hours, trading at $0.00002476.
Interestingly, despite the recent price dip, Shiba Inu has managed to hold its ground at a critical level of 81 trillion SHIB. This level is seen as a testament to the cryptocurrency’s resilience in a constantly fluctuating market. According to data from IntoTheBlock, around 81.94 trillion SHIB was bought by 115,950 addresses at an average price of $0.000025, within the price range of $0.000022 and $0.000028.
Maintaining this level is of utmost importance for the holders of SHIB, as it signifies stability and potential for recovery. However, there is a relatively weaker support level below the current price, where 35.53 trillion SHIB was purchased by 29,290 addresses for an average price of $0.000025 in the range of $0.000019 and $0.000022. This lack of strong support can be attributed to the rapid surge in Shiba Inu’s price at the beginning of March, which did not allow sufficient time for a solid support level to be established.
Moving forward, Shiba Inu will encounter another hurdle between the price range of $0.000028 and $0.000031, with 15.31 trillion SHIB purchased among 39,310 addresses at an average price of $0.000029. The ability of SHIB to sustain the 81 trillion SHIB level will be closely monitored by the crypto community in the coming days.