Shiba Inu (SHIB), a cryptocurrency with a dog motif, is presently undergoing a crucial test as it remains above a crucial support level.
An astounding 142 trillion SHIB is being held in an area close to where Shiba Inu is now traded, per IntoTheBlock statistics. A total of 115,870 addresses purchased 142.6 trillion SHIB between $0.000014 and $0.000018.
As of this writing, SHIB had dropped 2.76% over the previous day to $0.00001816 due to profit-taking in the cryptocurrency market. After rising steadily, Shiba Inu hit its highest point of $0.00001956 before starting to fall.
Today’s session saw a surge in profit-taking, as Shiba Inu dropped from $0.00001933 to $0.000018 in a few short hours.
In order to ascertain where the SHIB price will move next, all eyes are currently on Shiba Inu’s next support to see if it will hold.
Potential scenarios
There are probably two possible outcomes. SHIB may witness a comeback and maybe prolong its previous rise if the previously noted support range holds. Shiba Inu may try $0.00002 and even $0.000028 in this situation.
However, Shiba Inu may use range trading between its daily moving averages of 50 and 200, between $0.00001899 and $0.00001595, if it continues its present decline and this support level fails.
The Shiba Inu ecosystem’s layer-2 blockchain, Shibarium, has seen an unanticipated increase in daily transactions. The platform has now reached a major milestone in its development and uptake, surpassing 419 million transactions in total. As of right now, Shibarium has 419,111, 861 total transactions, according to Shibariumscan.
