Shiba Inu Faces Critical Moment with 67 Trillion SHIB Support at Risk of Breaking Below Key Levels

Shiba Inu confronts a critical juncture as the 67 trillion SHIB level nears a breakdown. With key support levels weakening and bearish market sentiment intensifying, SHIB’s path forward hinges on regaining investor interest and stability.

Shiba Inu Teeters as 67 Trillion Support Level Faces Pressure

Shiba Inu is at a crossroads as on-chain data suggests significant implications for the future of the asset. The massive 67 trillion SHIB support level is at risk if the market maintains its negative trends; this level is highly associated with stable markets and large transaction volumes.

Keeping above key support levels has been difficult for SHIB, as seen on the daily chart. At present, the asset is trading near $0.0000222, having lost its grip on the 50 EMA, a critical support level.

Now, SHIB is trading perilously near the 200 EMA, which typically serves as the final hurdle for bullish investors. The loss of this level would indicate an imminent fall toward $0.0000204 or even below, wiping out a large portion of the gains from SHIB's prior bullish run, U.Today explains.

Declining Transaction Volumes Raise Alarms

The disturbing tale is further bolstered by on-chain statistics. The precipitous drop in the volume of large transactions demonstrates that neither whales nor institutional investors are interested. To add insult to injury, most SHIB holders are currently losing money based on profitability indicators, which is a big factor in the decline.

There can be a domino effect of panic selling if key support levels are broken. Although the situation is bearish, SHIB is not completely hopeless.

Potential Recovery Hinges on Key Indicators

If the SHIB price breaks into oversold area on indicators like the RSI, speculation of a possible recovery from the 200 EMA could lead to purchasing. The 50-day exponential moving average (EMA) at $0.0000250 and $0.0000300 would serve as the initial resistance levels to be monitored in the case of such a rebound.

The asset's technical and fundamental indicators are both confirmed by the 67 trillion SHIB level, which also acts as a psychological barrier.

Investors would have to be patient if SHIB experiences more dips if this level disappears owing to prolonged selling pressure. It is still feasible for SHIB to make a comeback if it can keep its stability and attract new purchasers at these lower prices.

Following volume and key support regions might help investors predict the market's next course of action.