Coming days might be critical for SHIB price
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Despite this activity, the price has been trending downward, matching the overall decline on the cryptocurrency market. This dip could be attributed to several factors, including profit-taking by investors.The price decline brings SHIB closer to a crucial support level, where a large amount of SHIB was previously acquired by holders.data, Shiba Inu sits on a major support next to where it currently trades: 471.54 trillion SHIB were acquired by 83,670 addresses in the range between $0.
On the other hand, if the current support level holds, it could act as a springboard for SHIB's price to recover, attracting buyers looking for a favorable entry point. On the other hand, if Shiba Inu fails to hold its current levels, SHIB could face increased selling pressure, driving the price lower. This would prompt traders to hunt for fresh support levels, and the price might test the 471.54 trillion SHIB range.Should SHIB find strong buying interest at the 471.
As Shiba Inu nears the important support level of 471.54 trillion SHIB, the coming days might be critical for the cryptocurrency. The market is intently monitoring price action to predict the next move. Whether SHIB recovers or continues to drop, the outcome may influence the price trajectory of the dog-themed token.Tomiwabold is a cryptocurrency analyst and an experienced technical analyst.
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