Analysis of Recent Price Movement of Shiba Inu Cryptocurrency

A recent 3% decline was observed in the value of Shiba Inu (SHIB) cryptocurrency over the past 24 hours. At present, SHIB is down by 2.47%, priced at $0.000024 after hitting a daily low of $0.00002284.

This decrease has pushed SHIB below the key daily SMA 50 level at $0.00002447, which was previously a significant breakthrough in late May. The battle commences as the struggle between bullish and bearish forces intensifies to stabilize this critical level for SHIB.

Investors and traders are closely monitoring SHIB's performance following the recent price drop beneath the daily SMA 50. The upcoming hurdle lies within the $0.000025 to $0.00003 price range, crucial for determining potential price reversals or continuations.

Intriguingly, a substantial amount of SHIB was acquired between $0.000025 to $0.00003, totaling 92.2 trillion SHIB. This accumulation presents an opportunity for Shiba Inu to launch into an upward trajectory by overcoming resistance barriers.

To propel beyond these obstacles and climb higher, Shiba Inu needs to consolidate its position within a critical range holding 26 trillion SHIB. This consolidation is crucial for sustaining upward momentum and avoiding further price declines.

Furthermore, data from IntoTheBlock reports the acquisition of 26.55 trillion SHIB within the current trading range of $0.000023 to $0.000025 by 62,080 addresses. To initiate a bullish trend and break free from range-bound trading, SHIB must surpass and maintain levels above the daily SMA 50 at $0.00002447.