According to U.Today, the dog-themed cryptocurrency Shiba Inu (SHIB) is at a critical point in its price action. The market is closely watching as a massive 58 trillion SHIB becomes the focus of a fierce struggle between bullish and bearish forces. After several attempts to surpass the daily SMA 50 barrier at $0.0000247, Shiba Inu fell to the bears, dropping to lows of $0.00002352 in the recent trading session. At the time of reporting, SHIB was down 0.65% in the last 24 hours to $0.000024, indicating an ongoing battle between bulls and bears.
Data from IntoTheBlock shows that 58.18 trillion SHIB were purchased 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 become a battleground where the short-term trajectory of SHIB's value could be decided. Bulls, traders who are optimistic about a price increase, are rallying to defend this level, hoping to trigger a price increase for SHIB. Conversely, bears, the market pessimists, are pushing back, aiming to drive the price down and capitalize on a potential decline.
The importance of the 58 trillion SHIB threshold is significant, representing a convergence point for market forces and investor sentiment. A strong defense of this level by the bulls could signal renewed confidence in the token's potential, suggesting that SHIB could be preparing for a price increase. However, if the bears manage to breach this threshold, it could indicate a loss of support for SHIB, potentially leading to a price decline. In the event of a price rebound, a successful breach of the daily SMA 50 might be needed to initiate a new uptrend for SHIB price, with targets on $0.000032 or even $0.000045. If bears gain the upper hand, Shiba Inu might continue in its current range with support at $0.000018 and $0.00002.