Due to Bitcoin's brief drop to $94,000, the entire cryptocurrency market has experienced a significant decline in the past 24 hours.
Shiba Inu (Shiba coin) has also not been spared, with a price drop of over 10% during this period.
According to today's news reports on Shiba Inu, the decline in Shiba Inu coin is mainly influenced by a strong resistance zone. The cryptocurrency analysis platform Basic points out that Shiba Inu coin has experienced an adjustment around the price range of $0.00003343, which coincides with its 0.618 Fibonacci extension level.
According to the data, there are currently 153,110 addresses holding approximately 280 trillion SHIB, with an average purchase price of $0.000032. The existence of this supply range makes it difficult for Shiba Inu coin to break through, ultimately leading to a price correction of over 10%.
Shiba Inu coin is currently approaching a key support level.
Further analysis shows that if the downward price trend continues, Shiba Inu coin's next major support zone may be around $0.000022. According to IntoTheBlock data, there are a large number of addresses holding Shiba Inu coin within this price range, making it an important demand area.
Analysis indicates that 107,920 wallet addresses have holders who purchased Shiba Inu coin at prices between $0.000019 and $0.000024, with an average purchase price close to $0.000022. More importantly, these addresses collectively hold 119.55 trillion SHIB, providing strong support for Shiba Inu coin, which may act as a buffer in the event of further declines.
Currently, the trading price of Shiba Inu coin is $0.00002687, with more than 22% room left to the key support zone of $0.000022. If the current price continues to fluctuate, Shiba Inu coin may attempt to break through the previously failed resistance zone of $0.000032 again.
Shiba Inu On-Chain Analysis
From on-chain data, the market sentiment for Shiba Inu coin still leans bearish. Multiple indicators of the meme coin suggest that market participants' confidence is relatively cautious. Specifically, the large transaction volume on the Shiba Inu network has decreased in the past 24 hours, and the net growth of the network remains negative. Additionally, an increasing number of SHIB holders are in a loss position, and whale accumulation has also declined.
However, it is worth noting that despite the poor market sentiment, 64% of Shiba Inu holders are still in profit at the current price. Among the remaining 36% of holders, about 10% are close to breakeven, while another 26% are in a loss position.