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SHIB Seeks Support After Price Plunge Amidst Market Turmoil

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Shiba Community Anticipation for TREAT Token Heightens

Shiba Inu (SHIB), the popular meme coin, has been caught in the crossfire of a broader crypto market sell-off. The price shed a significant 9.5% in the last 24 hours, dropping below $0.000016.

On-Chain Data Reveals Potential Support Zone

Analysts are scouring on-chain data to identify potential price floors for SHIB. According to IntoTheBlock, a significant buying zone exists between $0.000008 and $0.000014. Over 155 trillion SHIB were acquired within this range by more than 358,000 addresses. This suggests strong historical buying pressure.

Read Also: Shiba Inu (SHIB) Faces Volatility Challenges

Will Bulls Defend the Line?

The sizeable number of investors who purchased SHIB in this zone may act as a defensive line. These holders have a vested interest in preventing the price from falling below their average entry point, potentially leading to additional buying to prop up the price. This behavior could establish a crucial floor for SHIB.

SHIB Faces Broader Market Headwinds

It’s important to remember that SHIB’s price slump isn’t happening in isolation. The broader cryptocurrency market is experiencing a correction, with Bitcoin falling below $58,000. This overall market weakness contributes to he decline in SHIB’s price.

Mt. Gox Repayment Looms

Some analysts point to the upcoming repayment of billions in Bitcoin by defunct exchange Mt. Gox as a factor influencing the market downturn. The influx of BTC could put downward pressure on the price as creditors sell their holdings.

Shiba Inu’s Price Outlook: A Balancing Act

The next move for SHIB hinges on the bulls’ ability to defend the $0.000008-$0.000014 support zone. If successful, a price rebound towards $0.000020-$0.000025 becomes a possibility. Conversely, a breach of this support level could lead to further declines towards $0.000010.

With significant volatility in the crypto market, investors may need to closely monitor market movements and conduct their own research before making any investment decisions.

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