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Dog-themed cryptocurrency Shiba Inu (SHIB) Struggling with limited support below the current trading range.
according to IntoTheBlock Global Entry/Exit Index The next support range for SHIB is between $0.000019 and $0.00002, where approximately 16.66 trillion SHIB are held at 16,320 addresses. Although important, this group represents a smaller support base.
While this support could provide some defense against price declines in the very near term, its size suggests that there may not be enough buying pressure to maintain current price levels if selling pressure increases.
At the time of writing, SHIB is trading at $0.0000217, down 0.54% over the past 24 hours, reflecting lackluster trading action as 2024 comes to a close.
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The Shiba Inu coin has fluctuated in a range within its daily moving averages since it rebounded from lows of $0.0000185 on December 20.
Possible scenarios
After two days of decline Shiba Inu It rebounded from lows of $0.0000213 in Friday session. The rally extended during today's session but is currently facing resistance at the $0.000022 level.
Amid the current consolidation in the Shiba Inu, the market is waiting for stronger momentum to either break through higher support levels or test lower levels.
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The range between $0.000019 and $0.00002 is the closest support area, according to on-chain data, but its relatively small size compared to the larger groups above increases the risk of a breakdown if downside momentum intensifies. In this type of scenario, the next major support is between $0.000014 and $0.000019 where 532.56 trillion SHIB are held in 134,810 addresses.
On the upside, SHIB may need to break above $0.0000223 to sustain the current bounce, with stronger resistance at $0.000024. A breakout in either direction beyond the 200 and 50 simple moving averages at $0.0000187 and $0.0000259 respectively, will determine the next move for the Shiba Inu.
A break above the daily 50 simple moving average would trigger a Shiba Inu rebound, pushing its price to $0.00003 or even $0.000033.
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