Shiba Inu is experiencing a significant price dip, revealing its following major support range. On-chain statistics show that the fluctuation between $0.000008 and $0.000014, where 155.15 trillion SHIB was acquired, could serve as a crucial buffer against further declines.
IntoTheBlock data reveals that the number of addresses for the currency is 155.15 trillion. Thus, on average, around $0.00001 worth of SHIB was purchased by 358,200 addresses. These figures mean many investors are active in the market, which can act as a support level. These holders are likely to support this range, sourcing for more SHIB to ensure that the price does not exceed the average entry price. Hence, such a behavior could create a functioning price floor for SHIB.
Read Also: Mt. Gox Transfers $24 Bitcoin to Activate Wallet Ahead of Customer Repayments
Strong Buying Interest in Support Range
The large volume of SHIB purchased inside this range indicates significant purchasing demand, which might help support the price and generate a potential comeback if market circumstances improve. In the case of a price recovery, bulls may need to push SHIB above $0.000020. If reached, SHIB may begin to recover towards $0.000025. If the Shiba Inu price continues to tumble, SHIB could reach $0.000014 before dropping to $0.000010.
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The present price depreciation also happens at a broader downturn of the market, in the last 24 hours alone, $321 million worth of contracts have been wiped out, according to CoinGlass data. As of the writing of this article, the price of SHIB dropped by 9.51% within the last 24 hours to $0.00001526 and 10.25% in the previous seven days alone.
Mt. Gox Repayments on Crypto Market
Much of the blame for the overall collapse, particularly in Bitcoin’s price, has been placed on the defunct Japanese cryptocurrency exchange Mt. Gox. In early July, the exchange plans to repay its debtors in BTC, worth approximately $8.5 billion. The looming repayment has caused uncertainty and increased pressure on the Bitcoin market.
In conclusion, Shiba Inu’s price dip has revealed a significant support range that could serve as a buffer against further declines. Strong buying interest within this range might help sustain the price and drive a potential rebound. However, the broader market conditions, influenced by events such as the Mt. Gox repayments, will be crucial in determining SHIB’s future price action. Investors should remain vigilant and closely monitor these developments.
Read Also: Dogecoin Faces Significant Liquidations Amid Crypto Market Downturn
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Maxwell Mutuma
Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. I write extensively on topics such as blockchain, cryptocurrency, tokens, and more for many publications. My goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.