The important role of the support level that Shiba Inu (SHIB) is trading near. With a total of 88.37 trillion SHIB purchased in the price range from $0.000024 to $0.000029, this is considered a strong support area. This level is not only a technical threshold but also a zone with significant participation from investors.
Highlights:
1. The importance of the support zone:
• This is the price at which 166,700 addresses have accumulated a large amount of SHIB with an average of $0.000026. This indicates that this is a 'floor' level that could trigger strong buying pressure if the price tests this level again.
2. Current SHIB price status:
• Currently, SHIB is trading at $0.00003119, up 2.65% in 24 hours and 17% over the past week. The support zone is identified at $0.000026, while the current resistance is at $0.000033.
3. Potential scenario:
• If the SHIB price drops close to $0.000026, buying pressure may increase, supporting the price and driving a recovery.
• Conversely, if the support level of $0.000026 is broken, SHIB could drop further, even testing the 50-day SMA at $0.00002295.
Strategic perspective:
• What do investors need to do?
Closely monitor support and resistance levels. If SHIB maintains the support zone, this could be a potential buying opportunity. However, if the price breaks below $0.000026, consider the possibility of further declines.
• Market sentiment:
Investor sentiment will play a crucial role in maintaining or breaking this support level. If trading volume increases as the price tests the support level, this will reinforce the potential for recovery.
Currently, SHIB is still in an important zone, and price action in the coming days will determine the next trend.
