Shiba Inu now has a new major support level to defend following the 11.75% price drop yesterday on the back of the broader market crash.
The crypto market has continued to face bearish pressure, as Bitcoin (BTC) consolidates below $100,000. Notably, this downtrend intensified yesterday, triggering a massive market slump which pushed Shiba Inu (SHIB) below major support levels.
Yesterday’s downward push was due to rising risk aversion driven by labor market concerns amid potential federal layoffs led by Elon Musk’s Department of Government Efficiency and escalating trade tensions as President Donald Trump insists on tariffs for Mexico and Canada.
New Shiba Inu Support Zone
Amid the market crash, SHIB dropped by a discouraging 11.75% yesterday, Feb. 24, marking its highest intraday decline in over 20 days. This pushed the asset below the $0.000015 psychological level that has acted as an important support region since Feb. 16, when Shiba Inu lost $0.000016.
With this latest crash, SHIB relinquished the $0.000015 and $0.000014 psychological support levels in one fell sweep, triggering concerns around a more substantial decline in the absence of a strong support level. Now, IntoTheBlock data has confirmed the next major support region to watch.
Particularly, this support rests between the $0.000013 and $0.000014 range. According to the data, about 35,900 addresses purchased 14.9 trillion SHIB tokens within this range at an average price of $0.000014. This has provided a demand wall for the meme coin, capable of defending against the ongoing pressure.
SHIB in a Delicate Position
However, with just 14.9 trillion SHIB at this level, it is important to note that this demand wall is not as reliable as the previous one, which featured a whopping 547 trillion SHIB. This past support, which has now flipped to resistance, defended SHIB against a drop below $0.000014 until the latest market crash.
If the 14.9 trillion SHIB support gives way, the meme coin could find strength in a more reliable demand wall between $0.000008 and $0.000013, where 296,800 addresses hold 77 trillion SHIB. Despite this region boasting greater than volume, its position is delicate, representing the last defense above the pivotal $0.00001.
Interestingly, data from Shiba Inu’s daily chart confirms the current 14.9 trillion support region between $0.000013 and $0.000014. Notably, the daily Pivot Points reveal a primary support (S1) level at $0.000013415. Below this, the next support (S2) lies at the $0.00001291 price point, essentially underneath the $0.000013 psychological level.
Shiba Inu now changes hands at $0.00001366, down 7% in the last 24 hours. Further data indicates that for Shiba Inu to flip the momentum from bearish to bullish, it would need to break above the Pivot level at $0.000014217. Above this mark, the first resistance lies at $0.00001501, residing within the 547 trillion SHIB supply wall.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
