Recent price drop brings Shiba Inu to 501 trillion SHIB support level
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That said, the recent increase in large transaction volume might be a strategic move by whales to create a price floor, aiming to stabilize SHIB prices and prevent further declines.This is crucial as Shiba Inu reaches a critical threshold where an enormous quantity of SHIB was acquired by a large number of investors.
According to IntoTheBlock data, at Shiba Inu's current trading range, 501.18 trillion SHIB were acquired by 80,950 addresses in the range of $0.000014 to $0.000019 at an average price of $0.000016. Support levels are key price points where buying interest tends to be strong enough to prevent further declines. In this case, the 501 trillionIf the whale-driven large transaction volume surge successfully defends the 501 trillion SHIB range, it could prevent further price declines and potentially lead to a rebound. This would be a positive sign for SHIB's price, indicating strong underlying support.
Conversely, if the support level fails to hold, SHIB could experience further declines. This scenario would prompt traders to look for new support levels, possibly in the range of $0.000008 to $0.000014, and might lead to a more extended period of price volatility.Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends.
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