Shiba Inu at Crossroads as 69 Trillion SHIB Hangs in Balance

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Dog-themed cryptocurrency Shiba Inu (SHIB) is facing a critical juncture as its price falls, testing the resolve of its bullish momentum. Shiba Inu has appreciated in price over the past week, with prices soaring to a high of nearly $0.000028 before facing a correction.

At the time of writing, SHIB has fallen 4.94% in the past 24 hours to $0.00002432, extending the decline into the second day from the April 25 high of $0.0000265. SHIB may be on track to record losses in four out of five days since Tuesday, April 23rd, when prices began declining.

The decline in Shiba Inu prices came amid a broader market correction that saw Bitcoin fall to its lowest level in about a week. The market weakness is causing concern among bulls, who are closely monitoring SHIB’s ability to maintain key support levels and regain upward momentum.

69 trillion SHIB range is at stake

The current price movement is centered around the key price range of 69 trillion SHIB, which bulls are currently defending fiercely from bearish pressure.

Global money flow, provided by: IntoTheBlock

according to into the block According to the data, 69.84 trillion SHIB was purchased by 65,650 addresses at an average price of $0.000027, ranging from $0.000024 to $0.000027. If this important level holds, it could show strength for the SHIB bulls and could set the stage for a rebound or rally.

Conversely, bears may argue that current price levels may become unsustainable unless the market regains momentum. If the decline continues, a sell-off may occur and the SHIB price may fall further.

The outcome of this important price test can depend on a variety of factors, including investor sentiment and the overall trajectory of the cryptocurrency market. With volatility remaining high and uncertainty lingering, Shiba Inu bulls may need to show resilience to overcome current headwinds and regain bullish momentum.

If the price declines further, the next support is assumed between $0.000019 and $0.000024.49.42 trillion SHIB was purchased by 75,770 addresses at an average price of $0.000022.

On the other hand, if SHIB price rebounds, the bulls will face the next resistance in the range of $0.000027 to $0.000030, where 38 trillion SHIB is held by 90,800 addresses.

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Tomiwavoldo Olajide

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