Shiba Inu (SHIB) has slipped below its consolidation zone and is facing sustained bearish pressure. Currently testing the $0.0000060 support at $0.00000604, market analyst HolderStat notes a break could accelerate a drop toward $0.0000055.
Source: HolderStatSHIB is currently in a downtrend, but if the $0.0000060 support holds, a short-term rebound toward $0.0000070–$0.0000075 is possible.
SHIB on the Brink: 700B Tokens Hit Exchanges
On the other hand, over 700B SHIB tokens moved across exchanges in the past 24 hours, indicating heightened trading and investor activity, according to CryptoQuant data.
Notably, his surge suggests traders are either accumulating at lower levels or exiting amid uncertainty. SHIB faces a pivotal test at $0.0000060; holding above it could spark a recovery, while a breach could push it toward $0.0000055.
Therefore, monitoring price action alongside on-chain metrics is crucial for gauging market sentiment and anticipating potential swings.
What next? Well, Shiba Inu’s near-term direction hangs in the balance, with $0.0000060 acting as a key pivot. High exchange flows and a stalled burn rate will likely dictate whether SHIB rebounds or continues its slide after hitting 2023 lows.
Source: https://zycrypto.com/shiba-inu-slips-to-key-range-as-700-billion-shib-flood-exchanges-crash-or-comeback/
