Shiba Inu (SHIB) faces critical juncture in its price action
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At the time of writing, SHIB was down 0.65% in the last 24 hours to $0.000024, suggesting an ongoing battle between bulls and bears.data, 58.18 trillion SHIB were bought by 57,380 addresses in Shiba Inu's current trading range between $0.000023 and $0.000025 at an average price of $0.000024. This threshold has emerged as a battleground where the short-term trajectory of SHIB's value might be determined. Bulls, optimistic traders betting on the price increase, are rallying to defend this level, hoping to spark a price increase for SHIB price. On the other side, bears, the pessimists of the market, are pushing back, aiming to drive the price down and capitalize on a potential decline.
Conversely, if the bears manage to breach this threshold, it could indicate a loss of support for SHIB, potentially leading to a decline in price. Such a scenario would affect the immediate market value of SHIB. In the event of a price rebound, a successful breach of the daily SMA 50 might be needed to kickstart a fresh uptrend for SHIB price, with targets on $0.000032 or even $0.000045. On the other hand, if bears gain the upper hand, Shiba Inu might persist in its current range with support at $0.000018 and $0.00002.Tomiwabold is a cryptocurrency analyst and an experienced technical analyst.
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