The dog-themed cryptocurrency Shiba Inu (SHIB) is currently hovering near a critical price zone as the crypto market faces uncertainty. Bitcoin, along with the broader crypto market, experienced a significant sell-off, causing millions of dollars in liquidations. Shiba Inu also saw its price drop during this period. However, the cryptocurrency rebounded and reached intraday highs before settling at its current price. The RSI indicator suggests that there may be a slight advantage for the bears, but Shiba Inu remains in a consolidation phase. On-chain data reveals a significant range where a large amount of SHIB tokens are held, which could serve as a major support level if market uncertainty continues. Additionally, there is a smaller support zone slightly below SHIB's current price where a considerable number of SHIB were bought. While this intermediate support level may provide some cushion, it may not be as strong as the larger support range.



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