Dog-themed token Shiba Inu (SHIB) has revealed a critical support range amid its recent price decline.
Shiba Inu fell for six days in a row after reaching highs of $0.0000176 on July 27, putting downward pressure on the token's value. This bearish trend saw SHIB falling to lows of $0.0000141 in today's trading session. Shiba Inu managed to rebound from these lows, highlighting this key level as support.
On-chain data substantiates this support level. According to IntoTheBlock data, 94.88 trillion SHIB were bought by 14,600 addresses between $0.000014 and $0.000015, confirming this range as support.
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The substantial accumulation of SHIB in this price range might indicate strong buying interest at these levels, which could help stabilize the price and potentially lead to a recovery.
What's next for SHIB price?
At the time of writing, SHIB was down 1.99% in the last 24 hours to $0.0000147, mirroring the general declines in the crypto market. SHIB is likewise down 16% on a seven-day basis.
Cryptocurrencies fell as risk aversion swept through financial markets, and Genesis began distributing digital assets to creditors after completing its bankruptcy restructuring.
SHIB/USD Daily Chart, Courtesy: TradingView
In the very short term, the $0.000014-$0.000015 range might be a key area to watch as the market reacts to recent price movements. The ability of SHIB to sustain its rebound from these levels might be key in deciding its short-term path.
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If SHIB can stay above this level, it could indicate a probable bottoming out and open the way for a rebound. On the upside, a sustained break above the daily moving averages of 50 and 200 at $0.0000172 and $0.0000203, respectively, could be the first sign of a bullish rebound, leading SHIB to exit its current trading range.
On the other hand, if declines continue, SHIB's next major support range highlighted by on-chain data lies between $0.000008 and $0.000014.
