Cryptocurrency News

Shiba Inu Price Nears Critical Support Level as Bulls and Bears Clash

Shiba Inu is approaching a critical support level of 40 trillion tokens, with bulls and bears battling for control. The outcome of this struggle will determine the cryptocurrency's short-term price direction, with potential for both a rebound or further decline depending on whether the support level holds or breaks.

Phoebe Roy

Jun 10, 2024 - 12:51

Jun 10, 2024 - 14:48

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Shiba Inu Price Nears Critical Support Level as Bulls and Bears Clash

40 Trillion SHIB Token Level Holds Key to Potential Rebound

Shiba Inu (SHIB) is approaching a critical support level of 40 trillion tokens, according to IntoTheBlock data. This level represents a significant concentration of SHIB holders, with 51,350 addresses holding tokens in the price range of $0.000019 to $0.000023. The current trading price of SHIB is hovering close to this range, making it a crucial point for the cryptocurrency's future direction.

Bulls and Bears Battle for Control Amidst Mixed Market Sentiment

The market is currently witnessing a fierce battle between bulls and bears, each attempting to influence the price in their favor. Some traders are accumulating SHIB at current levels, while others may be selling to minimize potential losses. This mixed sentiment adds to the uncertainty surrounding SHIB's price action.

Potential Scenarios and Price Targets

If the 40 trillion SHIB support level holds, it could serve as a foundation for a potential price rebound. However, if it fails, SHIB could face further downward pressure, potentially reaching $0.000014. On the upside, a break above the daily SMA 50 at $0.0000245 could signal a bullish return, potentially leading SHIB to surpass the $0.0000294 resistance level.

Consolidation and Range Trading Likely in the Short Term

Shiba Inu has been trading in a narrow range since Friday's drop to a low of $0.00002142. The price is currently below its daily SMA 50, suggesting a period of consolidation or range trading in the short term. The outcome of the battle between bulls and bears at the 40 trillion SHIB support level will likely determine the next significant price movement.

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European Political Shifts Cast Shadow Over Crypto Market

Phoebe Roy I pay close attention to all kinds of data and research that tell us about the health of the Global economy, what’s going on with workers and businesses, and how they’re affected by public policy. To understand what that means on the ground, I often travel to meet people where they are, whether it’s the scene of a recent forest fire or a university contending with shrinking enrollment. While most of my work is explanatory, I also consider it part of my job to expose wrongdoing and hold power to account.