Shiba Inu Price Drops 4%, 65 Trillion SHIB at Risk

Can Shiba Inu Hit $0.00045? Analyst Forecasts Bullish Prospects

Shiba Inu (SHIB) faces a critical moment as its price dropped nearly 4% in the last 24 hours, putting 65 trillion SHIB at risk. This significant support zone has previously helped stabilize the token’s value.

Shiba Inu Market Reacts to Inflation Data

Several cryptocurrencies, including SHIB, are trading in the red. Investors reacted to the latest inflation data, which hinted at the path ahead for interest rates. Bitcoin and other cryptocurrencies fell as the U.S. announced the core PCE price index in April was 2.8% YOY, matching predictions.

Shiba Inu showing price fluctuation in the 7-day chart: Source @CoinMarketCap

However, the core PCE price index fell to 0.2% in April, the lowest since December 2023. At the time of writing, SHIB traded at $0.0000255, down 3.46% in the last 24 hours.

Read Also: Manny Pacquiao Cheers for Shiba Inu Community: SHIB Price Jumps

Key Shiba Inu Support Level Under Threat

According to IntoTheBlock data, 62,110 addresses bought 65.53 trillion SHIB in the range of $0.000025 to $0.000027 at an average price of $0.000026. The recent price drop puts this key range under threat, with SHIB nearing the lower end at $0.000025. Market analysts are closely monitoring SHIB’s price. Holding above the 65 trillion SHIB range could be pivotal for a short-term price action, potentially leading to a bullish trend. However, if the price continues to decline and loses the 65 trillion SHIB level, it might trigger a deeper correction to $0.000019.

Source: Intotheblock

Potential Support and Resistance Levels

On-chain data indicates Shiba Inu’s next major support lies between $0.000019 and $0.000025, where 111,420 addresses bought 59 trillion SHIB. Conversely, if SHIB surpasses the key 65 trillion level, it might challenge the resistance at $0.000027 and $0.000030.

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Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

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