According to U.Today, Shiba Inu (SHIB) is currently at a crucial juncture due to its recent price drop. This decrease threatens the 65 trillion SHIB level, a significant support zone that has previously helped maintain the token's value. Shiba Inu's price has seen a nearly 4% drop in the last 24 hours. This downturn is part of a wider market decline as investors respond to the latest release of key inflation data, which offers insights into the future direction of interest rates.
Bitcoin and other cryptocurrencies have also seen a drop as the U.S. announced that the core PCE price index in April was 2.8% YOY, matching the predicted and previous rates. The U.S. core PCE price index fell to 0.2% in April, lower than expected, and the lowest since December 2023. At the time of writing, several cryptocurrencies, including SHIB, were trading in the red, with SHIB down 3.46% in the last 24 hours to $0.0000255.
Data from IntoTheBlock shows that 65.53 trillion SHIB were purchased by 62,110 addresses in the range of $0.000025 and $0.000027 at an average price of $0.000026. The recent drop in the SHIB price has brought this key range into focus, with SHIB nearing the lower end of this range at $0.000025. Market analysts are closely monitoring the SHIB price, as maintaining above the 65 trillion SHIB range could be crucial for SHIB's short-term price action. If the price stabilizes or rebounds from this point, it could strengthen the support level and potentially trigger a bullish trend.
However, if the price continues to fall and the 65 trillion SHIB level is breached, it could pave the way for a deeper correction, possibly to $0.000019. On-chain data suggests that Shiba Inu's next major support lies between $0.000019 and $0.000025, where 59 trillion SHIB were purchased by 111,420 addresses. Conversely, if SHIB can surpass the key 65 trillion level, Shiba Inu might challenge the key barrier at $0.000027 and $0.000030.