According to U.Today, the cryptocurrency market is currently experiencing a sell-off, with Shiba Inu (SHIB) also facing losses. Shiba Inu is potentially on track for its fourth consecutive day of losses since April 25, reflecting the price drop of Bitcoin. From April 23, Shiba Inu is set to mark six out of seven days in losses, extending its decline from highs of $0.000028. Over the past week, SHIB has decreased by 13.62%.
The recent declines have brought SHIB close to a critical support level, where 470 trillion SHIB are held by a significant number of SHIB addresses. Data from IntoTheBlock shows that 470.78 trillion SHIB were purchased in the range of $0.000014 to $0.000019 by 85,110 addresses at an average price of $0.000016. This range is seen as a strong support level as many investors believe in the token's value at these prices, which could potentially result in reduced selling pressure.
However, the question remains whether a price reversal is on the horizon for Shiba Inu. Given the large amount of SHIB held by investors, the 470 trillion SHIB support level could be strong enough to trigger a bullish reversal. However, broader market trends and the overall sentiment towards cryptocurrencies may play a more significant role in determining SHIB's price direction.
The market sentiment is currently a mix of caution and anticipation as investors and speculators prepare for a major Federal Reserve meeting later this week. There is growing anticipation about the meeting's potential indication of prolonged high interest rates, leading market participants to prepare for possible impacts on digital assets.
At the time of writing, SHIB was down 4.31% in the last 24 hours to $0.00002365, reflecting the broader market sell-off that brought Bitcoin to a one-week low of $61,928. Over the weekend, Shiba Inu announced the migration of its DEX, ShibaSwap, to Shibarium. According to a Shiba Inu team member, the launch of ShibaSwap on the Shiba Inu home chain is just the start of a long journey. ShibaSwap is going multi-chain, operating on both Shibarium and Ethereum, with ShibaSwap 1.75 on Shibarium being teased.