The cryptocurrency market is seeing a massive sell-off during Sunday's trading session, with numerous digital assets declining.
Cryptocurrencies saw a bearish Sunday trading session, with the markets experiencing a sell-off and several digital assets facing declines.
After three days of gains, Shiba Inu (CRYPTO: SHIB) saw major profit-taking on Saturday, and the declines continued on Sunday. SHIB is now testing a key support range where 463 trillion SHIB tokens are being held.
Shiba Inu saw a total of 463.03 trillion SHIB being held in the range between $0.000017 and $0.000018 by 45,900 addresses, according to IntoTheBlock data. Buying activity is expected to pick up around here as addresses that had previously bought at this price range are likely to provide support.
Shiba Inu’s price appears to be maintaining this key support range, trading within it at press time. In the coming sessions, eyes will be on SHIB to see if it would sustain this key price support.
If SHIB holds firm near this range, a potential rebound could be on the horizon. In this scenario, a break above the moving averages of 50 and 200 at $0.0000216 and $0.0000193 would be the first sign of strength for Shiba Inu. Shiba Inu fell below the daily SMA 200 in late January and trades beneath at the present.
On the other hand, if the declines continue further, the loss of 463 trillion SHIB support might trigger selling with the next key support at $0.000015.
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