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Dog-themed cryptocurrency Shiba Inu (SHIB) faces a critical juncture in its price action. The market is on high alert as a colossal amount of 58 trillion SHIB becomes the center of a fierce tug-of-war between bullish and bearish forces.
After several days of attempting to surpass the daily SMA 50 barrier at $0.0000247, Shiba Inu succumbed to bears, retreating to lows of $0.00002352 in today's trading session.
At the time of writing, SHIB was down 0.65% in the last 24 hours to $0.000024, suggesting an ongoing battle between bulls and bears.
According to IntoTheBlock data, 58.18 trillion SHIB were bought 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 emerged as a battleground where the short-term trajectory of SHIB's value might be determined. Bulls, optimistic traders betting on the price increase, are rallying to defend this level, hoping to spark a price increase for SHIB price. On the other side, bears, the pessimists of the market, are pushing back, aiming to drive the price down and capitalize on a potential decline.
The significance of the 58 trillion SHIB threshold cannot be overstated, representing a point of convergence 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 gearing up for a price increase.
Conversely, if the bears manage to breach this threshold, it could indicate a loss of support for SHIB, potentially leading to a decline in price. Such a scenario would affect the immediate market value of SHIB.
In the event of a price rebound, a successful breach of the daily SMA 50 might be needed to kickstart a fresh uptrend for SHIB price, with targets on $0.000032 or even $0.000045. On the other hand, if bears gain the upper hand, Shiba Inu might persist in its current range with support at $0.000018 and $0.00002.