The dog-themed cryptocurrency Shiba Inu ($SHIB
In a key price range, bulls may need to act quickly.
After the recent price drop, Shiba Inu is now trading between $0.000012 and $0.000013, having previously held over 39.71 trillion tokens, according to chain data.
At the time of publication, $SHIB rose by 0.24% in the last 24 hours to $0.00001293 after a loss earlier this week. Shiba Inu has risen for four consecutive days since May 31 before dropping from its peak on June 3 at $0.00001345.
Hot Stories
'Buy Bitcoin': Mike Novogratz issues a dire $50 trillion prediction
Ripple's CTO ends speculation about '$XRP
the private'
Author of 'Rich Dad Poor Dad': Bitcoin to a million dollars as the biggest financial collapse begins
2,869,483,918,550 SHIB stuns major U.S. exchange Coinbase Institutional
On the macroeconomic front, the latest weekly unemployment claims were higher than expected. The Labor Department reported on Thursday that there were 247,000 initial claims for unemployment benefits last week. This is higher than Dow Jones' expectations of 236,000. The decline on Wednesday also follows a series of other negative U.S. data.
39,710,000,000,000 SHIB: Will the bulls save the situation?
According to Into The Block data, 39.71 trillion SHIB are held in the range of $0.000012 and $0.000013 by 66,750 addresses.
Amid the current uncertainty in the markets, bulls may need to appear with size and conviction to hold the line in this key price range. Similarly, bears, encouraged by the recent market decline, may seek to break the support level at $0.000012 and capitalize on weak hands.
If selling continues, support is expected at $0.00001, which is the cost basis average for 64.76 trillion SHIB held by 278,360 addresses.
On the other hand, there is little resistance against the current Shiba Inu range between $0.000013 and $0.000014, where 1.94 trillion SHIB tokens are held by 5,280 addresses.
The upcoming sessions may be crucial in determining whether SHIB can regain bullish momentum or if there is more decline awaiting it.
🇾🇪🇾🇪🇾🇪🇾🇪🇾🇪