Shiba Inu Faces Price Decline Amidst Profit-Taking: Analysis of Support Levels and Market Resilience

In response to profit-taking, the price of the dog-themed cryptocurrency Shiba Inu (SHIB) has experienced a decline over the past few days. Should today end in negative territory, SHIB would register its third consecutive day of losses, culminating in a significant 29% weekly downturn. As of the latest update, SHIB has dropped by 15% in the past 24 hours to $0.00002476. This downturn for Shiba Inu coincides with a broader retreat across the cryptocurrency markets towards the end of the week, driven by investor considerations surrounding interest rate prospects following the release of inflation data on Thursday, which exceeded expectations.

Despite the recent decline in price, Shiba Inu has managed to maintain a crucial level of support at 81 trillion SHIB. This resilience underscores its ability to withstand market fluctuations. According to data from IntoTheBlock, within the current trading range, 81.94 trillion SHIB were acquired by 115,950 addresses at an average price of $0.000025, indicating strong interest at this level.

The preservation of this support level is vital for maintaining confidence among SHIB holders, signaling potential stability and prospects for recovery. However, there exists a somewhat weaker support zone below the current price level. Here, 35.53 trillion SHIB were purchased by 29,290 addresses at an average price of $0.000021, within the $0.000019 to $0.000022 range. This lack of robust support can be attributed to Shiba Inu's rapid ascent at the beginning of March, which left little time to establish support around its current trading levels.

Looking ahead, Shiba Inu faces a lesser hurdle between $0.000028 and $0.000031, with 15.31 trillion SHIB purchased among 39,310 addresses at an average price of $0.000029. This suggests a relatively smoother path for SHIB in this price range compared to the current support levels.