The dog-themed cryptocurrency 'Shiba Inu' (SHIB) has reached a critical on-chain range where 41 trillion SHIB tokens are held by a large number of Shiba Inu addresses, representing a potential turning point for the next major move of the currency...
According to IntoTheBlock, 66,090 addresses hold tokens worth 41.89 trillion SHIB, ranging in value between: .. $0.000012 and $0.000013, this concentration in holdings represents a major barrier that could determine the path of SHIB in the short term...
• In the block: ..
A breakout of the 'SHIB' token from this range or a rejection at it could affect its momentum. There are two potential scenarios: breaking this range could trigger additional gains, which may raise the price of 'SHIB' to above $0.000013 and possibly to $0.000014.
Shiba Inu is expected to face major resistance in the range of $0.000014 and $0.000019, where a massive amount of 'SHIB' totaling $547.74 trillion is held by 161,680 addresses...
Conversely, if 'SHIB' fails to stay above the range of $0.000012 and $0.000013, it may face increasing selling pressure, which could pull the price towards recent support levels near $0.000011...
• What's next..?
At the time of this report's publication: the price of Shiba Inu dropped by 2.07% in the last 24 hours to $0.00001258 and rose by 3% weekly..
The price of Shiba Inu rose with a general recovery in the cryptocurrency market. On Monday, cryptocurrency prices rose, indicating improved investor sentiment, with Bitcoin's price surpassing $88,000 and major cryptocurrencies experiencing gains..
The price of Shiba Inu has steadily risen since April 16 when it reached its lowest level at $0.00001147, and this rise has continued, allowing Shiba Inu to surpass the 50-day simple moving average at $0.0000125, a level that is closely monitored. This technical barrier has limited the price of Shiba Inu since December 2024...
In the upcoming sessions, the behavior of Shiba Inu's price around the 50-day simple moving average will be monitored as a crucial breakthrough could lead to further gains, while a decline could extend the current consolidation of Shiba Inu...
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