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Dog-themed cryptocurrency Shiba Inu (SHIB) It is approaching a critical price zone amid the current market uncertainty. The cryptocurrency market saw a major sell-off during the week, with millions of dollars lost in cryptocurrency liquidations.
After a strong start to the new year, which saw Bitcoin reclaim the $100,000 level, Bitcoin has fallen to its lowest level of the year as it struggles to maintain momentum. The Shiba Inu was not exempt from the downward momentum, as it reached lows of $0.00002 on January 8 during a three-day sell-off.
The Shiba Inu began to rebound in the Friday session and continued into Saturday, reaching intraday highs of $0.00002216. At the time of writing, SHIB is up 1.53% in the past 24 hours to $0.00002183 but is down 11.12% in the past seven days.
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The RSI has fallen below the midpoint on the daily chart, indicating a slight edge for the bears. Despite this, the Shiba Inu is still consolidating or trading within a range between its 50 and 200 moving averages at $0.00002519 and $0.0000189. The question of where the Shiba Inu will go next is at the heart of many given the current uncertainty in the market.
A key support level has been highlighted
According to on-chain data, there is a large range of 532 trillion Gray The tokens being held could serve as the next major support level for the meme coin if the current market uncertainty persists.
According to data from IntoTheBlock532.61 trillion SHIB were purchased in the range between $0.000014 and $0.000019 at an average price of $0.000016 through 133,600 addresses. Buying activity is expected to pick up in this range as the 133,600 titles previously purchased in this price range are likely to provide support.
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The large holding size indicates that holders are unlikely to sell at this range unless the price of SHIB falls significantly below this range. Thus, there is less selling pressure on the part of equity holders trying to break even on their positions.
Just below SHIB's current price of $0.0000218, there is a relatively minor support zone between $0.000019 and $0.000021, where 18.2 trillion SHIB were purchased by 20,000 addresses. This intermediate support level can provide some protection in the event of a price decline but may not be as strong as the 532 trillion SHIB range.
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