Dog-themed cryptocurrency Shiba Inu (SHIB) is trading in a key price range, and bulls may need to act quickly.
Following the recent price drop, Shiba Inu is now trading between $0.000012 and $0.000013, where over 39.71 trillion tokens were previously held, according to on-chain data.
At press time, SHIB was up 0.24% in the last 24 hours to $0.00001293 following a loss earlier this week. Shiba Inu rose for four straight days since May 31 before dropping from a June 3 high of $0.00001345.
On the macroeconomic front, the latest weekly jobless claims were higher than predicted. The Labor Department reported Thursday that there were 247,000 first-time filings for jobless benefits last week. That is higher than the Dow Jones projection of 236,000. The decline on Wednesday also comes on the heels of a slew of other negative U.S. data.
39,710,000,000,000 SHIB: Will bulls save day?
According to IntoTheBlock data, 39.71 trillion SHIB are held in the range of $0.000012 and $0.000013 by 66,750 addresses.
Amid the current uncertainty on the markets, bulls might need to show up with volume and conviction to hold the line at this key price range. Likewise, bears, emboldened by the recent market decline, may seek to break the $0.000012 support and capitalize on weak hands.
If the selling continues, support is expected at $0.00001, an average cost basis of 64.76 trillion SHIB held by 278,360 addresses.
On the other hand, minimal resistance lies ahead of Shiba Inu's current range between $0.000013 and $0.000014, where 1.94 trillion SHIB tokens are held by 5,280 addresses.
The coming sessions might be crucial in determining whether SHIB can regain bullish momentum or if further downside awaits.
