Support for 40 trillion Shiba Inu (SHIB) is now set as a significant support level appears to be on the verge of activation.
As the cryptocurrency market grapples with a general slowdown, Shiba Inu (SHIB) finds itself struggling to gain momentum.
This significant support level has the potential to pave the way for a recovery.
Major Support Level Approaches
Recent data from the In/Out of the Money Around Price (IOMAP) metric reveals that Shiba Inu is bolstered by a substantial trading volume of 40 trillion SHIB.
If the price continues to decline, it is likely to hit a crucial support level around $0.000022.
This level is particularly important because 23,170 addresses have accumulated SHIB within this price range, creating a stronghold for bullish activity.
Historically, such support clusters have provided cryptocurrencies the stability necessary to undergo significant recoveries.
Should SHIB approach this area, it could ease selling pressure and offer bulls an opportunity to regain traction.
Current Price Analysis
At the moment, Shiba Inu is priced at $0.00002139, sitting just above the critical support zone indicated by the IOMAP data.
The 100 Exponential Moving Average (EMA) adds further support, suggesting that SHIB’s price is consolidating on the daily chart.
For the asset to resume its upward momentum, it must effectively overcome the resistance level at $0.000025.
Market Dynamics and Trading Volume
Complicating matters is the current low trading volume, which limits SHIB’s ability to break through significant resistance levels.
This decrease in volume may signal a reduction in bearish momentum, creating a delicate balance between sellers defending the $0.000025 resistance and buyers entering at the $0.000022 support.
If the $0.000022 support level is activated, it could stabilize SHIB and lay the groundwork for a much-needed recovery.
Given the considerable volume traded at this level, it is unlikely that SHIB will fall below it without external factors influencing the market.
Potential for Investor Entry
With the likelihood of further declines reduced, the $0.000022 zone presents a potential entry point for investors.
However, a bearish indicator would emerge if SHIB were to break below this level, possibly leading to a test of the $0.000020 mark.
The ability of SHIB to maintain the $0.000022 support will be crucial in determining its short-term price trajectory.
Successfully defending this level could reignite bullish momentum, while any breakdown might signal deeper declines.
While Shiba Inu faces challenges due to the broader market slowdown, the activation of a significant support level could mark a turning point.
Investors should closely monitor the price action around the $0.000022 mark, as it could dictate SHIB’s future direction in the coming days.
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Also Read: Shiba Inu Sees A Surge In Popularity Now Welcoming 7,548 New Wallets
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