The cryptocurrency market faced some challenges early Saturday, mainly due to overarching economic concerns. In the past 24 hours, there’s been $298 million in liquidations as the market adjusts from last week’s gains. Shiba Inu has dropped by 5.81% during this time, currently priced at $0.0000142, reflecting the selling pressure that’s affecting the crypto space.
Shiba Inu has been steadily falling since the start of the week, and while it saw a surge on May 12, that was ultimately cut short as the overall market declined. From May 11 onward, Shiba Inu has experienced five losses in a six-day span, as many investors opted to take profits.
This drop brought Shiba Inu down to $0.000014 on Saturday, a critical mark with a large holding of the coin. Data shows that 25.74 trillion SHIB is currently distributed among 34,170 addresses within the narrow price range of $0.000014 to $0.000015, where SHIB is trading.
Are 25.74 trillion SHIB stuck?
The price of Shiba Inu appears to be caught in a struggle between buyers and sellers. The daily RSI hovering around the neutral point of 50 illustrates this tension in the market.
The current conditions suggest that the 25.74 trillion SHIB within the $0.000015 to $0.000014 range might be “stuck.” Those holding in this price area are now watching market trends closely to decide their next move, whether to hold on to their positions or sell, especially given the profits on the table.
On the other hand, if these holders choose to remain patient, banking on a future price rebound, this zone could also act as a support level.
As Shiba Inu hovers at the lower end of the $0.000014 to $0.000015 range, all eyes are on its potential recovery or further decline. It’s a bit of a waiting game for those investing in dog-themed coins, along with the trillions of tokens at play.
