Shiba Inu (SHIB) experienced a significant decline, with its value declining by 5.43% in the past 24 hours. This sharp fall set a new bottom for SHIB in August, raising concerns among its investors and the broader crypto community.
Crypto analyst KerschneR recently shared insights on the current state of Shiba Inu. In a recent X post, the analyst highlighted that SHIB is consolidating around the $0.000015 mark. He suggested that if SHIB maintains this support level, it could trigger a substantial rally, potentially doubling its price to $0.00003. This optimistic forecast hinges on SHIB’s ability to defend this critical price point.
The $0.000015 price level is important as it is the level where around 100,500 addresses aggregate SHIB tokens. IntoTheBlock, an analytics platform that provides insights into the blockchain space, shows that these investors hold 442.577 billion in SHIB tokens at an average cost of $0.000017. Below this level, these holders would be loss-making, and according to the SHIB distribution, they are locked with the most substantial amount of SHIB tokens.
KerschneR warned that breaking below the $0.000015 support level could lead to further declines. Early today, SHIB broke this zone, reaching an intraday low of $0.00001418. However, it has since recovered, nearing the crucial $0.000015 level. This minor rebound provides hope for SHIB investors, although the situation remains precarious.
SHIB Lead Highlights BONE’s Role in Shiba Inu EcosystemIn this new trading range, 14,600 addresses hold 94.88 trillion SHIB tokens, purchased at an average price of $0.000015. These investors are at a break-even point, closely monitoring SHIB’s next movements. The future trajectory of SHIB largely depends on whether it could sustain this support level and inspire renewed buying interest.
With the market going through its volatility cycles, SHIB holders and potential investors wait for these crucial support levels to begin the upturn. The next several days would go a long way in defining the ground on which SHIB would take either its stable or a worse position.
