Dog-themed cryptocurrency Shiba Inu (SHIB) is nearing a critical price range that could determine its next major move. According to IntoTheBlock data provided by Sentora, nearly 516.12 trillion SHIB previously bought by 116,430 addresses are priced between $0.000016 and $0.000019. The SHIB price is inching closer to this range, and eyes are peeled for what comes next.
Shiba Inu was up 4.95% in the last 24 hours to $0.00001559 as of this writing and up 18% weekly. The cryptocurrency market is surging into the weekend, with many sectors seeing double-digit percentage market value increases. Meme coins have benefited the most from this upward trend.
Shiba Inu has benefited from this bullish momentum and is on track for its sixth straight day of gains since May 5. SHIB reached highs of $0.00001611 early Saturday, a level not seen since February.
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As SHIB sustains technically above key levels, in particular the daily SMA 50 at $0.00001286, which capped its price action since December 2024, eyes are on what's next for its price, with key barrier levels, especially the daily SMA 200 at $0.00001835, in view.
Potential scenarios
Given the massive volume of Shiba Inu tokens previously bought between $0.000016 and $0.000019, about 516.12 trillion, the SHIB price might face strong selling pressure at this range since many of the 116,000 addresses might look to sell once the market price reaches their average cost and breaks even on their positions. This might act as resistance to a continued price increase at these prices.
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If SHIB breaks above this range convincingly,it may attract additional buying pressure, potentially leading to increased gains. The next target lies between $0.000019 and $0.000024, where 178 trillion SHIB are being held by 136,040 addresses at an average cost basis of $0.000022.
On the flip side, if SHIB fails to achieve the desired breakout, a wave of profit-taking could drag prices down, possibly retesting lower support levels. Shiba Inu's next support, according to on-chain data, is envisaged between $0.000014 and $0.00016, where 18.33 trillion SHIB are being held.
