Shiba Inu on the Brink as 16 Trillion SHIB Stay Vulnerable Below $0.0000217 in Tight Support Range

Shiba Inu remains on edge as its price trends below $0.0000217. On-chain data highlights 16 trillion SHIB vulnerable due to limited support levels, leaving the token at a critical turning point for traders and investors alike.

Shiba Inu Faces Limited Support as Price Struggles Below $0.0000217

The cryptocurrency Shiba Inu (SHIB), which is based on dogs, is now trading at a range with little support.

Nearly 16,320 addresses own approximately 16.66 trillion SHIB, which puts the next support area for the cryptocurrency between $0.000019 and $0.00002, according to the IntoTheBlock Global In/Out of Money indicator. This cluster does reflect a lesser support base, yet it is significant.

There may not be enough purchasing power to maintain the present price levels in the event that selling pressure grows, despite the fact that this support could provide some short-term protection against price decreases.

SHIB Trading Declines as 2024 Draws to a Close

The lackluster trading activity as 2024 winds down are reflected in SHIB's current price of $0.0000217, a decrease of 0.54% over the last 24 hours.

Since regaining its footing after plunging to a low of $0.0000185 on December 20th, Shiba Inu has moved freely inside its daily moving averages.

Shiba Inu price recovered from Friday's session low of $0.0000213 after falling for two days. Resistance at the $0.000022 level is currently preventing the rally from continuing.

Support Zones Reveal Risk of Further Declines

As the Shiba Inu market consolidates, buyers and sellers alike are waiting for more momentum to decide whether to break out of the consolidation or test the lower levels of support.

Based on on-chain data, the closest support zone is in the $0.000019 to $0.00002 area. However, if bearish momentum becomes more intense, the breakdown could occur because of its relatively modest size compared to larger clusters higher up, U.Today explains. With 134,810 addresses holding 532.56 trillion SHIB, the next significant support in this situation is between $0.000014 and $0.000019.

The recent comeback may not be sustainable unless SHIB breaks through $0.0000223; $0.000024 provides stronger resistance. What happens next for Shiba Inu depends on whether it breaks out of the daily SMA 200 at $0.0000187 or the 50 at $0.0000259.

Shiba Inu's price might rise to $0.00003 or perhaps $0.000033 if it were to break above the daily SMA 50, marking the beginning of a recovery.