Analysis of Shiba Inu's Recent Price Movement

Shiba Inu (SHIB) is currently facing a critical phase as it encounters a decline in its price, posing a threat to the crucial 65 trillion SHIB support level. The recent 4% drop in SHIB's price over the past 24 hours aligns with a broader market downturn prompted by investors' response to the latest inflation data revelations.

In tandem with other cryptocurrencies, Bitcoin experienced a decline following the US's disclosure that the core PCE price index in April was marginally lower than anticipated. This resulted in the April US core PCE price index plunging to 0.2%, the lowest since December 2023.

Presently, SHIB, alongside various other cryptocurrencies, is trading in the negative territory, with SHIB seeing a 3.46% decrease in the last day, reaching $0.0000255.

Data from IntoTheBlock indicates that 65.53 trillion SHIB tokens were purchased by 62,110 addresses within the price bracket of $0.000025 to $0.000027, averaging at $0.000026.

The recent price dip has cast attention on the pivotal range, with SHIB gravitating towards the lower limit at $0.000025. Analysts are vigilantly observing SHIB's price trends, as maintaining positions above the 65 trillion SHIB range could hold substantial significance for SHIB's immediate price movements. Resilience or recovery from this point could fortify the support level's potency and potentially trigger a bullish trend.

Conversely, a sustained downtrend leading to breaching the 65 trillion SHIB level may signal a more profound correction, potentially driving prices down to $0.000019.

On-chain insights highlight that Shiba Inu's notable support lies between $0.000019 and $0.000025, with 59 trillion SHIB tokens acquired by 111,420 addresses. Conversely, surmounting the critical 65 trillion level could propel Shiba Inu towards challenging the resistance threshold between $0.000027 and $0.000030.