Shiba Inu (SHIB) has experienced a decline of 3.5% today, dropping to $0.00001803. This downturn coincides with a broader 3.5% drop in the cryptocurrency market over the past 24 hours.
Weekly and Monthly Performance
Over the past week, SHIB is down by 2%, although it has shown a notable increase of 22% over the last month and a remarkable 150% gain in the past year.
Potential for Major Losses
Current wallet data indicates a challenging situation for SHIB. If the token falls below the critical support level of $0.0000170, approximately 142 trillion SHIB could enter a loss position. This scenario underscores the importance of maintaining this support level for many investors.
Short-Term Outlook
Despite today’s decline, it is plausible that this drop represents a temporary correction within a broader medium- to long-term upward trend. Market analysis suggests that SHIB is likely to rebound soon.
Technical Analysis: SHIB’s Support Level
The SHIB price chart highlights that today could be a crucial day for its future trajectory. The token is currently testing a significant support level (marked in green), raising questions about whether it will bounce back or fall below, potentially leading to further declines.
Key Indicators
According to various technical indicators, SHIB may be approaching a bottom. Its relative strength index (RSI), which is nearing the 30 mark, suggests oversold conditions. Additionally, the 30-period moving average is on track to dip below the 200-period average, a signal often associated with a market bottom.
Risks for SHIB Holders
While SHIB might decline further today, it likely won’t drop significantly. This is critical for holders of around 142 trillion tokens, which were acquired at an average price ranging between $0.000014 and $0.000017. If the price falls below $0.000017 and approaches $0.000014, these investors could face losses totaling about $2.5 million.
Market Dynamics
The implications of these potential losses are significant, as they could increase downward pressure on SHIB. However, the overall market has shown resilience, rising by 6% in the last two weeks and 21% since early September, partly due to heightened optimism surrounding the upcoming U.S. presidential election.
With polls tightening between the candidates, traders are anticipating that a second Trump presidency may positively influence the crypto market.
Future Projections
Should Trump win, forecasts suggest that SHIB could rise to $0.000025 by the end of November and potentially reach $0.000035 by year’s end.
Emergence of New Meme Tokens
One challenge SHIB faces is its status as an established meme coin, which often leads to more gradual price increases compared to newer entrants in the market. Recently, several new coins with viral meme potential and solid fundamentals have emerged.
Spotlight on Crypto All-Stars (STARS)
A notable example is Crypto All-Stars (STARS), an ERC-20 token that has successfully raised over $2.5 million during its presale phase.
Crypto All-Stars Announces Milestone
“We just raced right on past $2.5 Million. Do I see $3M on the horizon?!” — Crypto All-Stars (@all_stars_coin) October 19, 2024
Crypto All-Stars is the first token to introduce a ‘MemeVault’, allowing holders of any meme token to stake their funds within a secure storage protocol. Utilizing the ERC-1155 multi-token standard, this initiative enables the tokenization of various cryptocurrencies, including those outside the Ethereum blockchain.
Broadening the User Base
This feature significantly expands the project’s potential user base. Furthermore, users who stake meme coins through the Crypto All-Stars protocol will earn higher rewards if they hold more STARS tokens, enhancing its appeal.
With a maximum supply of 42.069 billion, STARS could attract substantial interest. Investors looking to participate in the presale can visit the official Crypto All-Stars website and connect their crypto wallets, such as MetaMask or Wallet Connect.
Conclusion
Given the growing popularity of Crypto All-Stars, with over 17,000 followers, potential investors should act quickly, as the token may rally following its official listing.
The post SHIB Holders Brace as 142 Trillion Tokens Face Key Support Test appeared first on Cryptonews.
