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As Shiba Inu faces a significant price dip, the next massive support range identified by on-chain data might provide a crucial point of reference for SHIB's price action. The range between $0.000008 and $0.000014, where 155.15 trillion SHIB were acquired, according to on-chain data, could act as a significant buffer against further declines.
According to IntoTheBlock data, 155.15 trillion SHIB were bought by 358,200 addresses between $0.000008 and $0.000014 at an average price of $0.00001.
This range signifies a price level where a large number of investors have entered the market. These holders are likely to defend this range, potentially buying more SHIB to prevent the price from falling below their average entry point. This behavior could create a floor for the SHIB price.
A considerable amount of SHIB was bought within this range, indicating strong buying interest, which could help sustain the price and potentially drive a rebound if market conditions improve.
In the case of a price recovery, bulls may need to immediately push the SHIB price over $0.000020. If they accomplish this, SHIB may begin to recover toward $0.000025. If the Shiba Inu price continues to fall, SHIB might go to $0.000014, then to $0.000010.
Crypto market sell-off
The price of Shiba Inu is falling amid a larger sell-off on the cryptocurrency market, with $321 million liquidated in the last 24 hours, according to CoinGlass data.
At the time of writing, SHIB had fallen 9.51% in the last 24 hours to $0.00001526, and 10.25% in the last seven days. Bitcoin's price fell below $58,000 as the majority of cryptocurrencies sold off.
Much of the blame for the overall drop, particularly in the price of Bitcoin, has been thrown at the feet of the defunct Japanese crypto exchange Mt. Gox, which is set to begin repaying around $8.5 billion in BTC to its creditors in early July.