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 Faces Key Price Test: Will Bulls or Bears Prevail? - EconoTimes)
Shiba Inu (SHIB) is at a pivotal point, trading near $0.000018. This level is crucial for determining whether SHIB will experience a breakout or continue to consolidate.
Key Level $0.000018 Under Scrutiny
Shiba Inu (SHIB), a cryptocurrency with a dog motif, might be about to experience a big price change.
U.Today elaborates that Shiba Inu has leveled out near $0.000017 after days of erratic movement. Shiba Inu has been trading mostly below its daily simple moving average (SMA) 50 since the washout in the middle of April.
In late May, bulls tried to break through this important level, but they failed. After reaching a high of $0.00002940 on May 29, SHIB dropped below its daily MA 50.
Pivotal Price Level for SHIB
The Shiba Inu market is still trying to figure out what the next move is after months of consolidation below the daily SMA 50.
Based on data from the blockchain, the Shiba Inu price level of $0.000018 is the one to keep an eye on. At this price point, investors hold a big quantity of SHIB tokens, making it an important level.
Data from IntoTheBlock shows that 37,560 addresses purchased an astounding 434.97 trillion SHIB coins between $0.000017 and $0.000019, with an average price of $0.000018.
The price of SHIB has dropped 0.93 percent in the past day, reaching $0.00001724, as of this writing. The $0.000018 price level is where a large number of tokens are stored, thus all eyes are on the SHIB price to determine whether there is a possible advance toward that level. Whether the cryptocurrency goes into a rally, a breakdown, or a consolidation phase can be decided by this crucial level.
Potential Rally Beyond $0.00002
The next price barrier is $0.00002; therefore, a breakout here can lead to a positive rally and more demand for SHIB. If this strategy works, SHIB could hit the $0.00003 mark.
As the price waits for a big breakthrough, SHIB might also stay in its present consolidation range.
The general attitude toward cryptocurrencies is another factor that may affect SHIB's value. A positive outlook on the cryptocurrency market as a whole can help the SHIB price bounce back, while a negative outlook might make selling pressures even worse.
