67 trillion $SHIB Level About to Break. Here’s What It Means
SHIB
0.00002277
+8.06%
Shiba Inu is approaching a significant turning point as critical support at the 67 trillion SHIB level is under intense pressure. Recent market trends and on-chain metrics reveal increasing challenges for the asset, which could have far-reaching implications for its trajectory.
Support Levels Under Threat The digital asset’s price action indicates a struggle to hold key support zones. After failing to hold above the 50-day Exponential Moving Average (EMA), a crucial technical level for maintaining bullish momentum, SHIB initially fell to $0.0000222 but is currently trading at $0.00002292.
The 200-day EMA, which usually serves as the final line of defense for bullish traders, is now just above SHIB’s current trading range. Losing this level would likely trigger a more pronounced decline, with potential targets around $0.0000204 or even lower.
On-chain activity decline
On-chain data further highlights the asset’s vulnerability. A sharp reduction in large trading volumes suggests waning interest from institutional investors and whales, key players in sustaining market activity and stability.
Furthermore, profitability metrics show that the majority of SHIB holders are currently in a losing position, which could exacerbate bearish sentiment and further fuel selling pressure.
Should the token breach the 200-day EMA, the psychological and technical significance of SHIB’s 67 trillion support level could be eroded.
Breaking this threshold could trigger panic selling, amplifying bearish momentum. Lack of strong buying interest at current levels exacerbates sustained price risk
