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Shiba Inu (SHIB) is on traders’ radar as a key support level lies just below its current trading range. Notably, this critical support zone represents a point where a whopping 88 trillion SHIB had already been accumulated. In the event of a decline, this support level could come into play, potentially leading to significant market activity.
On-chain data from IntoTheBlock revealed that 88.37 trillion SHIB tokens were purchased between $0.000024 and $0.00029 at an average price of $0.000026 per 166,700 addresses. Large-scale accumulations like this often signal a strong bottom, where buyers are likely to step in and defend the price.
At the time of writing, SHIB was up 2.65% over the past 24 hours to $0.00003119 and up 17% for the week.
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However, if SHIB falls below its current levels and tests this support, it may activate buying pressure, leading to increased interest and eventually price stabilization. If support does not hold, it could lead to increasing selling pressure and further losses.
Eyes on the Shiba Inu price
The 88,000 billion SHIB The support zone is a critical level to watch as Shiba Inu goes through its current market phase. Whether this support activates a burst of buying pressure or gives way to further declines will depend on broader market dynamics and investor sentiment in the coming days.
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Currently, SHIB is trading near this critical zone, with resistance at $0.000033 and support at $0.000026. A fall below the $0.000026 mark could test the resilience of the 88 trillion SHIB support cluster. If this support holds, it could provide a solid foundation for a possible price rebound. Conversely, if support fails, SHIB could experience further declines, testing lower support levels. A break below $0.000026 could allow a fall to the 50-day SMA at $0.00002295.
For now, the market will closely monitor SHIB’s price movements to see if it can maintain and advance its current levels or if a downward move will trigger this key support.