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July 5, 2024 by Aishwarya shashikumar
In the volatile world of cryptocurrencies, Shiba Inu stands firm. The $0.000015 price level now serves as a bulwark, defended by a substantial 91.7 trillion SHIB tokens. Despite widespread selling pressure, this meme coin shows resilience.
Across the crypto market, the usual bullish sentiment for July has not materialized. Historically, July is a strong month for crypto, with Bitcoin averaging an 8.44% return. This year, though, the trend has shifted. Bitcoin has dropped by 6.46% this month, dragging altcoins, including Shiba Inu, down with it. Shiba Inu has fared worse, plummeting 8.63% in July.
Local media predicted these declines, suggesting a price recovery might follow. Uphold’s Dr. Martin Hiesboeck highlighted a Bitcoin double top pattern that could cause further drops. This bearish outlook has shaken many investors.
Despite this, Shiba Inu’s support at $0.000015 remains robust. The coin now trades at $0.00001567, clinging to this critical level. This support zone is significant, with 48,740 addresses holding 91.77 trillion tokens at an average price of $0.000015. It’s the second-largest support cluster for SHIB, second only to the 155.15 trillion tokens defended at $0.000010.
The previous support at $0.000016, backed by just 5.07 trillion SHIB, proved weak. The new $0.000015 level shows more promise.
Factors Bolstering Shiba Inu’s Support
Data from IntoTheBlock indicates increased demand for SHIB. Since June 29, buyers have outpaced sellers, acquiring 10.98 trillion SHIB while bears sold 10.48 trillion. This created a net demand of 500 billion SHIB in six days, with a significant 237 billion on July 3 alone.
Exchange withdrawals also play a role. The Crypto Basic reported that a whale wallet withdrew 583 billion SHIB from Binance. Since June 1, exchanges have seen net outflows of 7.8 trillion SHIB. These movements reduce selling pressure, aiding price stability.
Currently, Shiba Inu trades at $0.00001559. To maintain this support, it must hold the lower Bollinger Band at $0.00001526. A drop below this could test Fib. 0 at $0.00001513, the last defense line in this territory.
In a turbulent market, Shiba Inu’s resilience at $0.000015 offers a glimmer of stability for investors.
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