Amid the latest market declines, Shiba Inu has returned to trading near the critical support at $0.000010. At the time of publication, SHIB was changing hands at $0.0000102, down 5.98% in the last 24 hours. The Shiba Inu holder count has reached the 1,200,000 mark, setting a new milestone. The recent growth seen in the number of holders might not impact prices in the near term but signifies interest in an asset over the long term. According to the Shibburn Twitter handle, in the past 24 hours, there have been over 69,507,755 SHIB tokens burned and 11 transactions made. In the last 7 days, more than 1 billion Shiba Inu tokens were destroyed, as the shibburn Twitter handle reported on July 10 that over 918,640,569 SHIB tokens had been burned and 100 transactions were made. On the same day, the Shibburn Twitter account reported a lump sum of 196,820,007 SHIB tokens being burned in 25 transactions.
Key Levels
Resistance Levels: $0.00001800, $0.00001500, $0.00001300
Support Levels: $0.00001000, $0.00000713, $0.00000507
SHIB/USD Daily Chart SHIB stays flat, trading in a constrained range at the daily MA 50 (now at $0.00001029), as bears were unable to drive the price of SHIB below support at $0.00001000. As SHIB was able to maintain its position just below the MA 50, it is currently eyeing a rebound. The $0.00001300 high, a difficult level since May, might be reached if there is a successful bounce on the MA 50.
To advance the rally toward the $0.00001300 and $0.00001500 area, the bulls must overcome this obstacle. Initial support on the downside is still at $0.00001000; a break of this level could send the price falling toward the $0.00000713 zone, from which more buyers could re-enter.
SHIB/USD 4-Hour ChartSimilar to other crypto assets, SHIB experienced intense selling pressure and fell below the 4-hour moving average of 50. At $0.00001034 intraday low, it is currently attempting to recover its losses and go back above the MA 50. The nearly oversold relative strength index (RSI) suggests that a likely relief rally might be possible.
If efforts are successful, positive momentum might increase up to $0.00001209, and as it rises, all eyes will be on the handle at $0.00001300. As an alternative, for the SHIB price to spur further selling below the $0.00001000 support region, it must close below the $0.00001000 and, more significantly, below the 4-hour MA 200.
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