91.7T Shiba Inu Form Strong Support at $0.000015

Shiba Inu now boasts robust support at the $0.000015 price level, with this territory defended by a large cluster of over 91.7 trillion SHIB tokens. 

The selling pressure across the entire crypto market has now slowed despite the bullish sentiments surrounding July. For context, market data sourced by CryptoRank confirms that July is generally a bullish month for the crypto market. Bitcoin (BTC) has a median monthly return of 8.44% in July, the fifth highest.

Meanwhile, top altcoins, especially Shiba Inu, boast a high price correlation with Bitcoin. As a result, industry leaders expect this bullish performance to extend to the rest of the market. However, the bullish expectations have not materialized, with Bitcoin now down 6.46% this July 

Shiba Inu has followed this bearish trend, shouldering higher losses as it declines by a massive 8.63% in July. Recall that The Crypto Basic confirmed that these steeper declines for SHIB are likely to play out before an eventual price recovery. In a separate report, Uphold’s Dr. Martin Hiesboeck spotlighted a BTC double top pattern capable of triggering more drops.

Shiba Inu Boasts 91T SHIB Support at $0.000015

Due to the sustained declines, Shiba Inu has now given up a major support level, specifically at $0.000016. However, currently trading for $0.00001567, the meme coin now relies on a more robust support for defense. Interestingly, Shiba Inu boasts a major demand wall where 48,740 addresses hold 91.77 trillion tokens at an average price of $0.000015.

This cluster represents the second-largest SHIB support volume, only behind the massive 155.15 trillion SHIB defense at $0.000010. Shiba Inu is expected to mount more resilience against the downtrend at this level following the $0.000016 breach. For context, the support at $0.000016 only featured 5.07 trillion SHIB tokens, making it rather weak.

Factors Bolstering This Support

Besides the large volume at $0.000015, Shiba Inu could leverage a trend of increasing demand for its defense. Further data from IntoTheBlock confirms that investors transacting more than 1% of total 24-hour volume (bulls and bears) have purchased more SHIB than they have sold since June 29.

While bears have sold 10.48 trillion SHIB within this timeframe, bulls have bought 10.98 trillion tokens. This translates to an excess demand of 500 billion SHIB in just six days, with 237 billion on July 3 alone. In addition, the market has persistently recorded daily excess demand since June 29. This bullish trend will likely bolster the defense at $0.000015.

Another factor capable of strengthening this support region is the constant exchange withdrawals in recent times. The Crypto Basic reported today that a new whale wallet had cupped over 583 billion SHIB from Binance. This was one in multiple similar cases. Notably, since June 1, exchanges have seen net outflows of 7.8 trillion SHIB. 

As Shiba Inu currently trades for $0.00001559, this trend helps reduce selling pressure. To maintain the $0.000015 support, SHIB must defend the lower Bollinger Band at $0.00001526. A drop from this level would bring Fib. 0 ($0.00001513) into play, acting as the last line of defense at this territory.