Shiba Inu (SHIB), a cryptocurrency, experienced a significant drop in prices on 8th May while the rest of the crypto market also saw a decline due to investor worries. At the time of writing, the asset was trading at $0.000009 after recording intraday lows of $0.0000087. Data from IntoTheBlock shows that Shiba Inu is in a key demand area, one where 30,780 holders have bought 14.43 trillion SHIB at $0.000008. If these holders are unable to protect their positions, they are at risk of losing their holdings.

Nevertheless, bulls seem be pushing to reclaim the support between $0.000008 to $0.00009, which is a significant resistance area. IntoTheBlock also notes that 31,760 SHIB addresses have made their purchase at the maximum price of $0.000009, suggesting buyers are attempting to maintain the uptrend. Initially, Shiba Inu had recorded highs at $0.0000159 on 4th February, though it fell to a ceiling at $0.000011 on 16th April.

The daily RSI reading of Shiba Inu also indicates that the crypto asset is approaching oversold territory, with the indicator dropping below the 30 level. Additionally, the crypto is trading below the daily moving averages (MA) of 50 and 200 near $0.0000106, suggesting upward movement is likely to be impeded. Finally, traders might bear in mind, that the Shiba Inu's MA are due to cross in the near future, which might provide the necessary support for positive value movement.



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