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Shiba Inu (SHIB) has dropped over 22% in the past two weeks. Without bullish intervention, the price could face an additional 20% decline.
SHIB Resting on Key Support
Shiba Inu (SHIB), a cryptocurrency that has gained popularity as a meme, has seen its price plummet for the past two weeks straight.
U.Today shares that midway through July, there was a brief upswing, more accurately a rebound, in the price of SHIB. However, it was unable to break above the critical threshold of $0.0000183, and its decline started on July 22.
In the time after, the value of one Shiba Inu token plummeted to $0.0000142, a loss of over 22%. Nevertheless, this might not be the last chapter; if bulls do not act immediately to protect the beloved meme coin, the SHIB price could encounter an even greater decline.
SHIB Faces Critical Support Levels
On one hand, the Shiba Inu token's price chart shows that it is presently resting at a fairly substantial support level; on the other hand, there have been other instances in the price history of the popular meme cryptocurrency where the token's value has dropped. It was common for the $0.000011 price level to be the next target in these situations.
August Could Be a Turning Point
No definitive response can be provided at this time. However, there are a number of standards we may look at, like the August SHIB price history. Thus, in its brief history, Shiba Inu finished the last month of summer on a positive note in August, according to historical statistics.
An additional metric might include information about the concentration of tokens in the surrounding price zones. As an example, the current price of SHIB is $0.000014, and there are 38.1 trillion tokens concentrated within that radius.
High Token Concentration Risk
While this does offer solid support, it also raises the possibility that the current volume might become a sell wall.
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