Dog-themed cryptocurrency Shiba Inu (SHIB) has had its price decline by roughly 8% during the past day. At the time of writing, SHIB was down 7.25% in the last 24 hours to $0.0000234 as the entire crypto market fell.
The larger cryptocurrency market is currently experiencing a significant sell-off as investors respond to a stronger-than-expected May jobs data.
The sell-off further accelerated after meme coin trader Keith Gill, popularly known as "Roaring Kitty," made his first livestream since the Gamestop frenzy three years ago. The trading legend may have disappointed those expecting huge news.
Zooming in, Shiba Inu has had lackluster trade since late May, when it reached highs of $0.00002940. June began with a bearish tone, with SHIB only recording two green days thus far. Currently, SHIB may be on track to post its third day of losses after achieving highs of $0.00002632 on June 5.
This recent drop has brought Shiba Inu closer to the 40 trillion SHIB support level, a crucial point that traders and analysts are watching closely. The support level is considered a significant price point where buying interest could potentially outweigh selling pressure, helping to stabilize or even rebound the price.
According to IntoTheBlock's Global In and Out of Money indicator, Shiba Inu sits on a 40 trillion SHIB support in the range of $0.000019 and $0.000023, where 40.46 trillion SHIB was acquired by 60,050 addresses.
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As SHIB approaches this crucial support level, several scenarios could unfold. If the 40 trillion SHIB support level holds, the price might see a bounce back as buyers step in, viewing this level as a buying opportunity.
On the other hand, if this support level is breached, SHIB could face further declines, potentially triggering additional selling pressure as stop-loss orders are hit and traders exit their positions.
Another scenario might be that SHIB consolidates around this support level, trading within a range as the market seeks direction and traders await further signals.