91.7T Shiba Inu Form Strong Support at $0.000015

Shiba Inu is currently boasting strong support at the $0.000015 price level, with this area being defended by a large cluster of over 91.7 trillion SHIB tokens.

Selling pressure across the cryptocurrency market Bullish emotions The situation surrounding July. For reference, market data provided by CryptoRank confirms that July was generally a bullish month for the cryptocurrency market. Bitcoin (BTC)’s average monthly return in July was 8.44%, the fifth highest.

Meanwhile, top altcoins, especially Shiba Inu, boast high price correlations with Bitcoin. As a result, industry leaders are skeptical of this bullish performance. stretch However, bullish expectations did not materialize, with Bitcoin falling 6.46% in July of this year.

The Shiba Inu followed this bearish trend and suffered bigger losses in July, plummeting 8.63%. Confirmed SHIB’s sharp decline is likely to end before prices recover. In a separate report, Uphold’s Dr. Martin Heathbook said: Focus on the BTC double top pattern You can trigger more drops.

Shiba Inu boasts 91T SHIB support at $0.000015

Due to the continued decline, Shiba Inu has now abandoned key support levels, specifically $0.000016. However, the meme coin, currently trading at $0.00001567, is relying on stronger support for defense. Interestingly, Shiba Inu Boast The main demand barrier is 48,740 addresses holding 91.77 trillion tokens at an average price of $0.000015.

Shiba Inu Support IntoTheBlock
Shiba Inu Support | IntoTheBlock

This cluster represents the second-largest SHIB support volume after the 155.15 trillion SHIB defense at $0.000010. Shiba Inu is expected to be more resistant to downtrends at this level after the breakout above $0.000016. Incidentally, the $0.000016 support was rather weak with only 5.07 trillion SHIB tokens.

Factors strengthening this support

In addition to the large trading volume at $0.000015, Shiba Inu could potentially capitalize on the growing trend in defense demand. Additional data from IntoTheBlock confirm Investors (bulls and bears) trading more than 1% of the total 24-hour trading volume have bought more SHIB since June 29 than they have sold.

SHIB Bulls and Bears IntoTheBlockSHIB Bulls and Bears IntoTheBlock
SHIB Bulls and Bears | IntoTheBlock

During this period, bears sold SHIB 10.48 trillion while bulls bought SHIB 10.98 trillion. This equates to a 500 billion SHIB excess demand in just six days, reaching 237 billion on July 3 alone. Moreover, the market has been recording continuous daily excess demand since June 29. This bullish trend could strengthen the defense at $0.000015.

Another factor that could strengthen this support area is the continued withdrawals from exchanges recently. Reported today A new whale wallet has reportedly stolen over SHIB 583 billion from Binance, one of several similar cases. Notably, the exchange has seen a net outflow of 7.8 trillion SHIB since June 1.

This trend will help reduce selling pressure as Shiba Inu is currently trading at $0.00001559. To hold the support at $0.000015, SHIB will need to defend the lower Bollinger band at $0.00001526. A drop from this level would bring Fib. 0 ($0.00001513) into play, which would act as the last line of defense in this area.

Bollinger Bands and Fibonacci Retracement for Shiba InuBollinger Bands and Fibonacci Retracement for Shiba Inu
Bollinger Bands and Fibonacci Retracement for Shiba Inu

Disclaimer: This content is for informational purposes only and should not be considered financial advice. The views expressed in this article may include the personal opinions of the author and do not reflect the opinions of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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