Shiba

Bitcoin

April

Shiba Inu

Trillion

<figure>
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
<a href="https://u.today/shiba-inu-shib-485-netflow-surge-takes-intriguing-twist-details" rel="noopener noreferrer nofollow">Shiba Inu (SHIB)</a> 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.
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.
<a href="https://u.today/bitcoins-btc-historical-momentum-returns-with-surge-in-on-chain-activity" rel="noopener noreferrer nofollow">Bitcoin</a> 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. <img alt="IntoTheBlock" data-entity-type="file" data-entity-uuid="9286c81d-493f-4ce8-8504-b37189c731d1" src="https://u.today/sites/default/files/inline-images/31052024%203333.PNG"><a href="https://app.intotheblock.com/coin/SHIB/deep-dive?group=all&amp;chart=all" rel="noopener noreferrer nofollow">Global In/Out of the Money, Courtesy: IntoTheBlock</a>
According to <a href="https://app.intotheblock.com/coin/SHIB/deep-dive?group=all&amp;chart=all" rel="noopener noreferrer nofollow">IntoTheBlock</a> 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.
The recent drop in the <a href="https://u.today/shiba-inu-shib-whales-waking-up-details" rel="noopener noreferrer nofollow">SHIB price</a> 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 <a href="https://app.intotheblock.com/coin/SHIB/deep-dive?group=all&amp;chart=all" rel="noopener noreferrer nofollow">on-chain data</a>, 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.

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

U_Today

Other articles published on May 31, 2024

Bitcoin Whale Sends Millions to Kraken as Blackrock’s ETF Attempts To Make History

Maximize Your Crypto Portfolio: Discover June 2024’s Top 5 Promising Altcoins – API3, SEI, APU, P...

TradFi execs say crypto derivatives will play larger role in Bitcoin’s future

Will Zilliqa (ZIL) Maintain a Bearish Stance or Take a Rebound?

Radical Decision from the Popular Altcoin Foundation! Supply Limit Vote Passed! Here are the Details

Exploring the Top 3 Dog-Themed Cryptocurrencies for Potential Explosive Growth – $TURBO, $DOGEVER...

Join our free newsletter for daily crypto updates!