Shiba Inu Cryptocurrency Faces Crucial Test Amid Market Downturn

According to U.Today, the dog-themed cryptocurrency Shiba Inu (SHIB) is at a critical point as its price dips, challenging its bullish momentum. Over the past week, Shiba Inu experienced a price surge, reaching highs near $0.000028 before undergoing a correction. At the time of writing, SHIB had fallen 4.94% in the last 24 hours to $0.00002432, marking its second day of decline from the April 25 highs of $0.0000265. Since Tuesday, April 23, when the price began to fall, SHIB could be on track to record four out of five days of losses. This price dip comes amid a broader market correction, with Bitcoin dropping to its lowest level in about a week. This market downturn has raised concerns among bulls, who are closely watching SHIB's ability to maintain critical support levels and regain its upward momentum. At the heart of the current price action is a crucial 69 trillion SHIB price range, which bulls are fiercely defending against bearish pressure. Data from IntoTheBlock shows that 69.84 trillion SHIB were purchased by 65,650 addresses in the range of $0.000024 and $0.000027 at an average price of $0.000027. If this key level is held, it could indicate strength among SHIB bulls, potentially setting the stage for a rebound or even a rally. However, bears might argue that the current price level could be unsustainable if the market fails to regain momentum. A sustained break could trigger a sell-off, pushing the SHIB price down further. The outcome of this critical price test will likely depend on a variety of factors, including investor sentiment and the overall trajectory of the cryptocurrency market. With volatility remaining high and uncertainty lingering, Shiba Inu bulls might need to demonstrate resilience to overcome the current headwinds and regain bullish momentum. If the SHIB price drops further, the next support might be between $0.000019 and $0.000024, where 49.42 trillion SHIB were bought by 75,770 addresses at an average price of $0.000022. Conversely, if the SHIB price rebounds, bulls face the next resistance in the range of $0.000027 and $0.000030 where 38 trillion SHIB are held by 90,800 addresses.