According to U.Today, Shiba Inu's significant price dip may find a crucial support range, as identified by on-chain data. The range between $0.000008 and $0.000014, where 155.15 trillion SHIB were purchased, could serve as a substantial buffer against further price drops. IntoTheBlock data reveals that 155.15 trillion SHIB were bought by 358,200 addresses within this range at an average price of $0.00001. This range represents a price level where a large number of investors have entered the market.
These investors are likely to defend this range, possibly buying more SHIB to prevent the price from falling below their average entry point. This action could establish a floor for the SHIB price. A significant amount of SHIB was bought within this range, indicating strong buying interest, which could help maintain the price and potentially drive a rebound if market conditions improve.
In the event of a price recovery, bulls may need to immediately push the SHIB price over $0.000020. If successful, SHIB may start to recover toward $0.000025. However, if the Shiba Inu price continues to fall, SHIB might drop to $0.000014, then to $0.000010.
The Shiba Inu price is dropping amid a larger sell-off in the cryptocurrency market, with $321 million liquidated in the last 24 hours, as per CoinGlass data. At the time of writing, SHIB had fallen 9.51% in the last 24 hours to $0.00001526, and 10.25% in the last seven days. Bitcoin's price also fell below $58,000 as the majority of cryptocurrencies sold off. The overall drop, particularly in the price of Bitcoin, has been largely attributed to the defunct Japanese crypto exchange Mt. Gox, which is set to begin repaying around $8.5 billion in BTC to its creditors in early July.