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Dog-Themed Cryptocurrency Shiba Inu (SHIB) is struggling with limited support below its current trading range.
According to In the block Global In/Out of Money Indicator, the next support range for SHIB is between $0.000019 and $0.00002, where almost 16.66 trillion SHIB is held by 16,320 addresses. Although important, this group represents a smaller base of support.
While this support may provide some defense against price declines in the very near term, its magnitude suggests that there may not be enough buying pressure to maintain current price levels if selling pressure increases.
At the time of writing, SHIB is trading at $0.0000217, down 0.54% over the past 24 hours, reflecting lackluster trading activity as 2024 draws to a close.
Related
Shiba Inu has been oscillating in a range within its daily moving averages since rebounding from a low of $0.0000185 on December 20.
Potential scenarios
After two days of decline, Shiba Inu rebounded from the low of $0.0000213 during Friday’s session. The rally extended during today’s session but is currently facing resistance at the $0.000022 level.
Amid the current Shiba Inu consolidation, the market is waiting for stronger momentum to either break through higher or test lower support levels.
Related
The range between $0.000019 and $0.00002 is the closest support zone, according to on-chain data, but its relatively small size compared to larger clusters higher up increases the risk of a breakdown if momentum bearish intensifies. In this type of scenario, the next major support is between $0.000014 and $0.000019, where 532.56 trillion SHIB is held by 134,810 addresses.
On the upside, SHIB may need to break above $0.0000223 to support the current rebound, with stronger resistance at $0.000024. A breakout in either direction beyond the 200 and 50 daily SMAs at $0.0000187 and $0.0000259, respectively, would determine Shiba Inu’s next move.
A break above the daily 50 SMA would establish a rally in Shiba Inu, pushing its price to $0.00003 or even $0.000033.