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Dog-themed cryptocurrency Shiba Inu (SHIB) faces a critical juncture as its price dips, testing the resolve of its bullish momentum. Shiba Inu saw a price rise in the past week, with its price surging to highs near $0.000028 before facing a correction.
At the time of writing, SHIB was down 4.94% in the last 24 hours to $0.00002432, extending its drop from April 25 highs of $0.0000265 into the second day. Since Tuesday, April 23, when the price started declining, SHIB might be on track to mark four out of five days of losses.
Shiba Inu's price dip comes amid a broader market correction, with Bitcoin falling to its lowest level in about a week. The market downturn has raised concerns among bulls, who are closely monitoring SHIB's ability to hold critical support levels and regain its upward momentum.
69 trillion SHIB range at stake
At the heart of the current price action is a critical 69 trillion SHIB price range, which bulls are currently defending fiercely against bearish pressure.
According to IntoTheBlock data, 69.84 trillion SHIB were bought by 65,650 addresses in the range of $0.000024 and $0.000027 at an average price of $0.000027. Holding this key level could signal strength among SHIB bulls, potentially setting the stage for a rebound or even a rally.
On the flip side, bears might argue that the current price level could be unsustainable if the market fails to regain momentum. A sustained break could trigger a sell-off, pushing the SHIB price down further.
The outcome of this critical price test will likely hinge on a variety of factors, including investor sentiment and the overall trajectory of the cryptocurrency market. With volatility remaining elevated and uncertainty lingering, Shiba Inu bulls might need to demonstrate resilience to overcome the current headwinds and regain bullish momentum.
In the event of further price drops, the next support might be envisaged between $0.000019 and $0.000024, where 49.42 trillion SHIB were bought by 75,770 addresses at an average price of $0.000022.
On the other hand, if the SHIB price rebounds, bulls face the next resistance in the range of $0.000027 and $0.000030 where 38 trillion SHIB are being held by 90,800 addresses.