🔥🔥🔥 91.7T #Shibalnu Form Strong Support at $0.000015
Shiba Inu Faces Decline Amid #MarketDownturn
Despite typically bullish sentiments in July, the crypto market has experienced slowed growth. Historical data from CryptoRank shows Bitcoin ($BTC ) usually has a median monthly return of 8.44% in July, but this year BTC declined by 6.46%. Top altcoins like Shiba Inu ($SHIB ), which often correlate with Bitcoin, have also faced declines, with SHIB dropping 8.63%.
Key Support Levels:
- SHIB lost critical support at $0.000016, now relying on a stronger support level at $0.00001567.
- A significant support cluster exists where 48,740 addresses hold 91.77 trillion tokens at an average price of $0.000015, making it the second-largest support volume.
- The largest support is at $0.000010, defending 155.15 trillion SHIB.
Factors Strengthening Support:
1. Increased Demand:
- Investors transacting more than 1% of the total 24-hour volume have bought more SHIB than sold since June 29. Bulls purchased 10.98 trillion SHIB, exceeding bear sales by 500 billion tokens in six days, including 237 billion on July 3.
2. Exchange Withdrawals:
- Significant whale activity, including the acquisition of over 583 billion SHIB from Binance, has contributed to net outflows of 7.8 trillion SHIB from exchanges since June 1, reducing selling pressure.
Technical Indicators:
- SHIB is trading at $0.00001559, with support at the lower Bollinger Band of $0.00001526 and the Fibonacci retracement level of $0.00001513 as key defenses against further decline.
The ongoing demand and reduced selling pressure are critical to maintaining SHIB's current price and preventing further drops.
