Today, SHIB price has dropped by around 3.5% with the meme token trading at $0.00001803 and the whole crypto market losingsuch with -3.5%.
SHIBA INU trade performance has been slightly negative over the last week as the coin has lost 2% of its previous price but there has been a rise in the price of the coin of 22% in the last month and 150% in the last year.
Taking all the coin comments into consideration some wallet statistics shows that the situation for the coin has changed. A dip the price of SHIB brings a decline in the market value of approximately 142 trillion SHIB in the case when the support level drops below $0.0000170.
But for now, the price action today can be considered normal corrections within the overall medium- and long-term increase, and SHIB should recover very soon rather than later.
SHIB Holders Brace as 142 Trillion Tokens Face Key Support Test
ogan 24 hours and bitcoin price trend line indicating potential major support level made bullish price action signals that today should be an important day for SHIB direction in weeks or months to come as its price is now at support line level so it wonât take a lot of movements from current price line for it to turn bullish or bearish.
Will be interesting to see if the support gets tested today, if not then how does the price reacts in regards to the price drop and subsequent action.
Additionally, its 30-period moving average (orange) is likely to drop below the 200-period moving average (blue) which would again signal a bottom.
Therefore, it can be said that SHIB price looks to fall a little lower today but not much lower.
This could turn out to be critically important to those holding around 142 trillion SHIB which data shows have been bought at an average price ranging between 0.000014 and 0.000017.
That is to say if the SHIB price touches $0.000017 and in fact goes down to $0.000014, those who hold $2.5 million worth of SHIB will be under loss.
Which is important because it could add further bearish support on Shiba Inu price although the general market picture would indicate any slide would be brief.
The fact that this is the case â the anticipation is for moderate dips, as the market in its entirety has gained 6% in a fortnight and 21% since the beginning of September amid anticipation of the US presidential elections among the traders.
As the polls between the two candidates become ever closer, the market has begun pricing in the chances of a second term for Trump who many expect would be good for crypto.
Should Trump be victorious, the SHIB price has the potential to get to $0.000025 by the conclusion of November, and $0.000035 by the conclusion of December.