The bulls of Shiba Inu (SHIB) are in for a serious test at the 56 trillion SHIB level, and the cryptocurrency world is waiting anxiously to see what happens.
The SHIB price is undergoing a tug-of-war between bulls and bears in this pivotal area. The result of this conflict may have a significant impact on SHIB’s market performance in the coming days.
56.82 trillion SHIB were purchased between $0.000026 and $0.000029, about where 2,880 addresses presently trade SHIB at an average price of $0.000027, according to IntoTheBlock.
Bulls may be regaining faith in the token’s future if they successfully defend this level, while bears may be signalling a lack of support and likely price decline if they break it.
There are two conceivable outcomes in this scenario: either the 56 trillion SHIB level acts as a barrier that causes a decrease or it acts as a springboard for expansion.
Shiba Inu will proceed to the next major barrier in the range of $0.000029 to $0.000051, where 239,610 addresses bought 94.17 trillion SHIB at an average price of $0.000036, if this level is successfully attained.
Bulls, however, will have a difficult time if Shiba Inu breaks below the support of its current trading range, which is $0.000026. This is due to the fact that there is not much support below this region. The next significant support is found between $0.000019 and $0.000025, where 85,040 addresses bought 77.26 trillion SHIB at an average price of $0.000023.
As of this writing, SHIB was up 0.85% to $0.000027 over the previous day.
Good news! Shiba Inu has joined the Content Delivery and Security Association (CDSA) to investigate media and entertainment prospects provided by emerging blockchain technology.
In other developments, direct-to-wallet minting and support for BONE and SHIB payments on Shibarium are among the new enhancements that Shiba Inu partner d3 has released.
