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.
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.
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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.
