Shiba Inu (SHIB) is currently at a pivotal moment due to its recent price decline, which threatens to breach the crucial 65 trillion SHIB level, a significant support zone that has previously helped maintain the token's value. The price drop, which has seen a nearly 4% decline in the last 24 hours, is part of a broader market downturn as investors respond to the latest release of key inflation data.

The U.S. core PCE price index fell to 0.2% in April, lower than expected, and the lowest since December 2023. This data has led to a market-wide decline, with Bitcoin and other cryptocurrencies, including SHIB, experiencing a drop. At the time of writing, SHIB was trading in the red, down 3.46% in the last 24 hours to $0.0000255.

The recent price drop has brought the key range of $0.000025 and $0.000027 into focus, with SHIB nearing the lower end of this range. Market analysts are closely monitoring the SHIB price, as maintaining above the 65 trillion SHIB range could be crucial for SHIB's short-term price action. If the price stabilizes or rebounds from this point, it could strengthen the support level and potentially trigger a bullish trend.

However, if the price continues to fall and the 65 trillion SHIB level is breached, it could pave the way for a deeper correction, possibly to $0.000019. On-chain data suggests that Shiba Inu's next major support lies between $0.000019 and $0.000025, where 59 trillion SHIB were purchased by 111,420 addresses.

Conversely, if SHIB can surpass the key 65 trillion level, Shiba Inu might challenge the key barrier at $0.000027 and $0.000030. The recent price drop has brought the critical support level into focus, and market participants are eagerly awaiting the next move in SHIB's price action.