SHIB Holders Brace as 142 Trillion Tokens Face Key Support Test
Simon Chandler is a Brighton-based writer and journalist with over ten years of experience writing about crypto, technology, politics and culture. He has written for Cryptonews.com since late 2017,...
SHIB has fallen by 3.5% today, with the meme token’s fall to $0.00001803 coming as the cryptocurrency market also sheds 3.5% in 24 hours.
Shiba Inu is now down by 2% in a week, but keeps a healthy 22% increase in a month and a 150% gain in a year.
Yet wallet data suggests that the coin has entered a tricky situation, with its decline today meaning that around 142 trillion SHIB could enter the red, should the token fall below the $0.0000170 support level.
However, it’s likely that today’s fall marks a temporary correction in the context of a medium- and long-term upswing, with SHIB likely to rebound very soon.
SHIB’s chart shows that today could be pivotal for its direction over the next few weeks or months, given that its price is now touching its current support level (green).
It will be interesting to see whether it will bounce off the support today, or whether it will fall through it, sending its price down even further.
Based on its other indicators, it may be close to a bottom, with its relative strength index (purple) about to touch 30 very soon.
Likewise, its 30-period moving average (orange) will likely sink below the 200-period average (blue), which again would signal a bottom.
As such, it’s arguable that the SHIB price may fall a little further today, but not much further.
This could prove vitally important to the owners of some 142 trillion SHIB, which data shows has been purchased with an average price between $0.000014 and $0.000017.
In other words, if the SHIB price falls below $0.000017 and even sinks to $0.000014, the
Read more on cryptonews.com
