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The market is in a risk-off mood again. The Shiba Inu has lost 7% of his money in the last 24 hours as the major cryptocurrency also remains in the red. However, it’s been a good week for the Meme cryptocurrency, continuing its surge of 14% over the past seven days.
wednesday slowdown SHIB Price However, it should not be viewed as a bear market. For one thing, a market correction always follows a strong rally. Still, the meme token is at the $0.000012 level, currently in the support zone. This is the critical level that SHIB needs to recapture in order to set its upward trajectory.
Moreover, even as the SHIB slows, whale activity is increasing. Data from WhaleStats show that the Shiba Inu whale hit a record high with his 1,233,301. Most of these holders are long-term users of meme tokens. In fact, the IntoTheBlock data shows that SHIB has the most hodlers. The number of short-term holders is also stable.
The latest Shiba Inu update may also be encouraging. Without a doubt, SHIB prices have been overwhelmed by delays in major utility procurement projects. One of them is Shiva Eternity Game. Developer Toshitoshi Kusama, who took to Twitter to address user concerns, confirmed that all is well. He said not everything is finalized, but updates and deadlines are being met ahead of time.
Source TradingView
On the daily chart, SHIB has completed a 50% retracement of the $0.000012 support. This is a level to watch as the cryptocurrency corrects. If the level holds, SHIB could start another legup and go all the way to $0.000017.
A breakout of the $0.000012 resistance will make SHIB very attractive.Benefits are matched by positive optimism around meme token And network activity of Shiba Inu.
Investors should consider buying if the $0.000012 level holds and there is a technical pointer. Analysts already believe it was not a one-off burst above this level. Instead, it should be seen as a sign of further uptick. So keep an eye on your technical level.
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