Shiba Inu (SHIB) Faces Critical Test at 56 Trillion Level Amid Crypto Market Watch
Crypto market enthusiasts are eagerly monitoring developments as Shiba Inu (SHIB) faces a pivotal test at the 56 trillion level.
Amidst this crucial range, the price of SHIB finds itself in a tug-of-war between bulls and bears. The outcome of this battle could determine SHIB’s market performance in the coming days.
A total of 56.82 trillion SHIB were bought within the range of $0.000026 and $0.000029, with SHIB currently trading at an average price of $0.000027 across 2880 addresses.
Strong defense of this level by bullish traders may signal renewed confidence in the token’s potential, while a breach by bearish traders could indicate a loss of support and a potential price decline.
In this scenario, two possible outcomes emerge: the 56 trillion SHIB level could serve as a launchpad for growth or a barrier leading to a downturn.
Facing the next significant resistance in the range from $0.000029 to $0.000051, a total of 94.17 trillion SHIB were purchased by 239,610 addresses at an average price of $0.000036.
Conversely, if Shiba Inu loses support at its current trading range of $0.000026, bullish traders will face a formidable challenge. This is due to minimal support below this area, with the next major support between $0.000019 and $0.000025, where 77.26 trillion SHIB were purchased by 85,040 addresses at an average price of $0.000023.
At the time of writing, SHIB has risen by 0.85% over the past 24 hours to reach $0.000027.
Read more Shiba Inu Witnesses Astonishing 97.7% Drop in Transaction Activity
In positive news, Shiba Inu has joined the Content Delivery and Security Association (CDSA) to explore media and entertainment opportunities offered by new blockchain technologies.
In other news, Shiba Inu partner d3 has announced new updates, including support for BONE and SHIB payments on Shibarium and direct coin staking to the wallet.
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