Shiba Inu cryptocurrency continues to feel pressure due to broader market declines. This article discusses key support levels, current trends, and potential prospects.
Overview of the Current SHIB Market Situation
The Shiba Inu (SHIB) cryptocurrency is under pressure due to weakness in the broader market. As of early Sunday, most crypto assets are trading in the red, and the past week saw significant sell-offs. Investors are taking profits amid macroeconomic uncertainty. As a result, according to CoinGlass, $131 million in liquidations were recorded in the crypto market in the last 24 hours.
Key Levels for Shiba Inu
Amid the volatility, Shiba Inu is approaching a crucial on-chain level at 23.21 trillion SHIB, where the average cost basis is $0.000012. Currently, SHIB is trading around this level. Over 60,380 addresses hold these tokens. Meanwhile, support at $0.00001141 has been tested, but the price was unable to reclaim higher ground.
Price Prospects for SHIB
Currently, Shiba Inu is trading at $0.000012, down 1.37% in the last 24 hours and down 4.79% weekly. With support at $0.000012, investors expect that if this level is broken, the price may drop to the next support level where 45.93 trillion SHIB tokens are held at an average price of $0.00001. Attention can also be given to the resistance level at $0.000013, where 39.36 trillion SHIB is concentrated.
Thus, Shiba Inu is in a phase of testing key levels that may determine the future market behavior. Investors and analysts are closely monitoring the situation, awaiting its development amid current volatility.
