Analyst Identifies Strong Shiba Inu Support Zone That Can Take SHIB Back to $0.000024

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A notable market watcher identified as SHIB Whale on X identifies a Shiba Inu support zone around $0.000016 that could help push SHIB back to $0.000024.

The analyst’s market commentary comes on the back of the ongoing correction that has triggered shocking declines in the Bitcoin’s (BTC) price and the prices of altcoins. Due to its higher volatility, Shiba Inu has experienced steeper slumps, currently down 33.11% this month.

Since reaching a high of $0.00002945 on May 29, Shiba Inu has been on a downward slope, recording lower lows and lower highs on the daily timeframe. This has led to the formation of a descending channel on the daily chart, as pictured below, with a resistance stationed at $0.00002622 and a support around the $0.000016 region.

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