Shiba Inu ($SHIB) finds itself at a critical juncture as transaction volumes spike significantly. On June 24, 2024, the volume of $SHIB transacted reached 7.56 trillion, marking a staggering 370% increase from the previous day’s 1.57 trillion $SHIB.
This surge in activity highlights growing interest and movement within the $SHIB market.
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Currently, 51% of $SHIB addresses are in profit. However, the cryptocurrency faces a crucial support level at $0.000017. If $SHIB fails to hold this level, it could see a further decline to $0.000015.
At this lower level, 7,000 addresses are holding 97 trillion Shiba Inu tokens in profits, which could lead to significant sell-offs if the price continues to drop.
Potential Price Rebound For $SHIB and Other Altcoins
Analyst Ali Martinez recently highlighted on Twitter that the TD Sequential indicator presents buy signals on the daily charts of Solana, Shiba Inu, and Cardano. This technical indicator suggests a potential price rebound for these altcoins, offering a glimmer of hope for $SHIB investors.
The combination of increased transaction volumes and the critical price levels makes this a decisive moment for Shiba Inu. Investors are closely watching the $0.000017 support level, with hopes pinned on a price rebound as indicated by the TD Sequential buy signals.
The TD Sequential presents buy signals on the daily charts of #Solana, #ShibaInu, and #Cardano, anticipating a price rebound for these #altcoins! pic.twitter.com/P8ZOYm9qTu
— Ali (@ali_charts) June 25, 2024
The current market dynamics for $SHIB reflect broader trends in the cryptocurrency space, where high volatility and significant price movements are common. As $SHIB navigates this critical period, the actions of large holders and market sentiment will play crucial roles in determining its short-term trajectory.
For now, $SHIB investors and traders are advised to keep a close eye on key support levels and technical indicators, as the market could experience significant shifts in the coming days.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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