🔥🔥🔥 Shibalnu forms strong support at $0.000015
Despite the generally bullish sentiment in July, the cryptocurrency market has encountered challenges with slowing growth. According to CryptoRank’s historical data, Bitcoin (BTC) typically has a median monthly return of 8.44 in July. SHIB was not immune, falling 8.63%.
Key Support Analysis:
SHIB has lost the key support level of $0.000016 and is currently relying on a more solid support level of $0.00001567. There is a significant support cluster where 48,740 addresses hold 91.77 trillion tokens at an average price of $0.000015, making it the second largest support area. The maximum support level is at $0.000010, guarding 155.15 trillion SHIB.
Factors supporting strengthening:
Rising demand: Since June 29, investors with trading volume exceeding 1% of the total 24-hour trading volume have bought more SHIB than sold. Longs purchased 10.98 trillion SHIB, 500 billion more tokens than shorts in six days, including 237 billion on July 3. Exchange withdrawals: Since June 1, a large number of "whale" activities, including the acquisition of more than 583 billion SHIB from Binance, have led to a net outflow of 7.8 trillion SHIB from exchanges, easing selling pressure.
Technical indicator observation:
SHIB is currently trading at $0.00001559, with the lower Bollinger band support at $0.00001526 and the Fibonacci retracement level of $0.00001513 as the key line of defense to prevent further declines.
Continued demand and reduced selling pressure are essential to maintain SHIB's current price level and prevent it from falling further.
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