The price of the popular meme cryptocurrency Shiba Inu (SHIB) continues to fall relentlessly for the second week. After a small bullish rally in mid-July, or rather a rebound, the price of SHIB failed to gain a foothold above the key level of $0.0000183 and, as a result, began to fall on July 22.
Since then, the price of the Shiba Inu token has lost more than 22%, falling to $0.0000142. However, this may not be the end of the story, and the SHIB price could face a much bigger downside if bulls do not make a move soon to preserve the popular meme cryptocurrency.
Looking at the SHIB price chart, we can see that it is currently holding at a relatively significant support level, but the history of the price of the popular meme cryptocurrency has seen many cases where the Shiba Inu token fell lower. In such cases, the next stop was often the $0.000011 price level.
What are chances?
It is impossible to give a clear answer. However, we can refer to various benchmarks, such as the history of the SHIB price in August. Thus, according to historical data, Shiba Inu has closed the last month of summer on a bullish note in August in its short history.
Another benchmark can be data on the concentration of tokens in nearby price zones. For example, there are 38.1 trillion tokens concentrated within a radius of $0.000014, where SHIB is currently quoted.
This provides strong support, but also creates the risk that this entire volume could turn into a sell wall.