Market Data 
Following the latest Shiba Inu dump from a significant resistance, analysis shows the next demand zone the asset must hold for a price rebound.
The broader crypto market saw substantial downsides in the past 24 hours, catalyzed by Bitcoin’s brief fall to $94,000. Shiba Inu was not excluded from the capitulation, with the asset falling over 10% from its price in the past day.
In today’s news on Shiba Inu, a report shows that Shiba Inu’s slump was from a strong resistance area. Crypto Basic reported that the meme coin corrected from a multi-month supply zone around the $0.00003343 price mark, which an analyst showed was its 0.618 Fibonacci extension level.
Data from IntoTheBlock shows that the resistance level features 153,110 addresses holding 28 trillion SHIB at an average price of $0.000032. The supply from the price level proved insurmountable for Shiba Inu, spurring an over 10% correction.
Shiba Inu GIOM | IntoTheBlock
Shiba Inu Approaching Key Support Level
Meanwhile, further analysis has shown the next major support area for Shiba Inu if the downtrend persists. Per data from IntoTheBlock, the price level is at $0.000022, where a large number of addresses hold a substantial amount of Shiba Inu, which is the token’s next local demand zone.
The analysis shows that 107,920 wallet addresses bought Shiba Inu between $0.000019 and $0.000024, with the average price converging at $0.000022. Notably, the addresses hold 119.55 trillion SHIB, which could be a strong buffer for further downward momentum.
Shiba Inu Support
Meanwhile, Shiba Inu trades at $0.00002687 and is still over 22% away from the primary support area. Notably, a sustained trade around the current price level could see the meme coin retest the failed resistance zone at $0.000032.
Shiba Inu On-chain Analysis
Shiba Inu’s on-chain analysis broadly mirrors the prevailing bearish market sentiment. Signals on the meme coin remain mostly bearish, with all four major indicators suggesting skepticism among market participants.
For instance, large transactions in the Shiba Inu network have decreased in the past 24 hours, with the net network growth remaining negative. Also, more SHIB holders are now at a loss, while accumulation among whales has dropped in the past day.
However, a staggering 64% of Shiba Inu holders are still in profit at the current market price. Of the remaining 36%, 10% are at break-even, while the other 26% are nursing portfolio losses.
