As Shiba Inu faces a significant price drop, the next massive support range identified by on-chain data could provide a key reference point for SHIB’s price action. According to on-chain data, 155.15 trillion SHIB was acquired in the range between $0.000008 and $0.000014, which could serve as an important buffer against further declines.
According to IntoTheBlock, 155.15 trillion SHIB was purchased by 358,200 addresses at an average price between $0.000008 and $0.000014. This range represents a price level at which a large number of investors enter the market. These holders are likely to defend this range and may purchase more SHIB to prevent the price from falling below their average entry point. This behavior may create a floor for the SHIB price.
A significant amount of SHIB was purchased within this range, indicating strong buying interest, which could help sustain prices and potentially fuel a rebound if market conditions improve.
If the price recovers, bulls may need to push SHIB price above $0.000020 immediately. If they do that, SHIB could start a recovery towards $0.000025. If the Shiba Inu price continues to fall, SHIB could drop to $0.000014 and then to $0.000010. Crypto Market Sell-off The Shiba Inu price is falling amid a massive sell-off in the cryptocurrency market, with $321 million in liquidations in the past 24 hours, according to CoinGlass. #美国首次申领失业救济人数超出预期 #非农就业数据即将公布 #Mt.Gox将启动偿还计划
As of this writing, SHIB has fallen 9.51% in the past 24 hours to $0.00001526 and 10.25% in the past seven days. As most cryptocurrencies were sold off, the price of Bitcoin fell below $58,000. Much of the blame for the sharp drop in Bitcoin prices has been placed on defunct Japanese cryptocurrency exchange Mt. Gox, which will begin repaying approximately $8.5 billion in Bitcoin to creditors in early July.
