Despite a general market slowdown, Shiba Inu is experiencing difficulties in maintaining its position. However, a significant support level may be approaching, which could alter the situation.
Shiba Inu's Market Challenges
Despite a hefty trading volume of 40 trillion SHIB, Shiba Inu is struggling to gain traction. The In/Out of the Money Around Price (IOMAP) metric indicates that if SHIB continues to decline, a strong support level around $0.000022 may be activated.
The Significance of $0.000022 Support
Currently, 23,170 addresses have accumulated SHIB in this price range, making it a pivotal stronghold for the bull market. These support clusters have historically provided the assets the crucial stability needed for significant recoveries.
Future Scenarios for SHIB
If SHIB's price keeps declining, activating the $0.000022 support could stabilize the asset and lay the groundwork for a recovery. Conversely, a break below this level might lead to a test of the $0.000020 mark.
SHIB's ability to maintain the $0.000022 support is crucial in determining its short-term price trajectory. Successfully defending this level could rekindle bullish momentum, while a breakdown might indicate further declines.
