Shiba Inu Cryptocurrency (SHIB) Overview

Dog-themed cryptocurrency Shiba Inu (SHIB) is currently facing limited support below its trading range.

Current Support Levels

According to the IntoTheBlock Global In/Out of Money indicator, the next significant support zone for SHIB lies between $0.000019 and $0.00002, where approximately 16.66 trillion SHIB are held by 16,320 addresses. Despite this being a notable cluster, it represents a smaller support base.

While this support may provide some defense against immediate price declines, its limited size suggests insufficient buying pressure to uphold current price levels if selling pressure increases.

As of the latest update, SHIB is trading at $0.0000217, experiencing a 0.54% decline within the past 24 hours, reflecting the stagnant trading action as we approach the end of 2024.

SHIB has been fluctuating within its daily moving averages since its rebound from lows of $0.0000185 on December 20.

Market Scenarios

Following two days of declines, Shiba Inu rebounded from a low of $0.0000213 during Friday’s trading session. The rally has continued into the current session but is now encountering resistance at the $0.000022 level.

Amid the ongoing consolidation, the market is anticipating stronger momentum to either push higher or test lower support levels.

The primary support range between $0.000019 and $0.00002 holds significance based on on-chain data, but relative to larger clusters seen above, the risk of breakdown increases if bearish trends intensify. In that event, the next major support range is between $0.000014 and $0.000019, where 532.56 trillion SHIB is held by 134,810 addresses.

On the upside, SHIB needs to surpass $0.0000223 to maintain the current rally, with stronger resistance set at $0.000024. A break in either direction through the daily SMA 200 and 50, listed at $0.0000187 and $0.0000259, respectively, would dictate Shiba Inu’s next price movement.

If SHIB breaks above the daily SMA 50, a recovery phase could ensue, potentially pushing its price to $0.00003 or even $0.000033.