40 Trillion Shiba Inu (SHIB) Support Is Ready: What Comes Next?
2024-12-29
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Despite a general market slowdown, Shiba Inu has been having trouble gaining traction, but a major support level may be approaching. Supported by a huge trading volume of 40 trillion SHIB, data from the In/Out of the Money Around Price (IOMAP) metric indicates that if SHIB continues to decline, it will activate a strong support level around $0.000022.
Because 23,170 addresses have accumulated SHIB in this price range, making it a bull market stronghold, this level is crucial. These support clusters have historically given assets the stability they need to stage significant recoveries. The price of SHIB may serve as a springboard if it gets close to this area, easing selling pressure and providing bulls with an opportunity to gain ground.SHIBUSDT Chart by TradingView">
The price of SHIB is currently at $0.00002236, just above the critical support zone that the IOMAP has shown. With the 100 EMA offering more support, SHIB's price looks to be consolidating on the daily chart. For the asset to resume its upward trajectory, it must overcome resistance at $0.000025.
Another level of complexity is added by the low trading volume at the moment. The asset's capacity to break through significant resistance levels is constrained by lower volume, which may also be a sign of waning bearish momentum. As a result, the balance between sellers defending the $0.000025 resistance and buyers entering at the $0.000022 support could determine SHIB's next significant move.
The $0.000022 support activation could stabilize the asset and lay the groundwork for a recovery if SHIB's price continues to decline. Without important outside influences, it is unlikely that SHIB will freely decline below this level given the sizable volume traded at this level.
With less chance of further decline, this zone is a possible entry point for investors. A bearish signal on the other hand would be a break below this level, which might result in a test of the $0.000020 mark. A key factor in determining SHIB's short-term price trajectory will be its capacity to maintain the $0.000022 support. Bullish momentum could be rekindled if this level is successfully defended; a breakdown could indicate additional declines.