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Dog-themed cryptocurrency Shiba Inu (SHIB) is trading near a pivotal price point that could determine its next major move. A total of 95 trillion SHIB tokens are currently parked at a crucial support range between $0.000008 and $0.000014, according to on-chain data.
According to IntoTheBlock data, 95 trillion SHIB are being held by 339,180 in the range of $0.00008 and $0.000014 at an average cost basis of $0.000011. This massive concentration of tokens could be triggered if the Shiba Inu price falls below $0.000014.
As press time, SHIB is trading up 0.16% in the last 24 hours at $0.00001446, slightly above the critical $0.000014 level.
According to IntoTheBlock data, the support at $0.000014 is relatively thin, with just 4.97 trillion SHIB held by 8,410 addresses, suggesting the support is fragile and vulnerable to further price action.
If SHIB can successfully defend the $0.000014 level, it may pave the way to a rebound, with the potential to retest the higher levels, such as the $0.00001764 hit earlier this month. However, a failure to hold this level could break the dam, unleashing the 95 trillion SHIB support. As traders watch this level closely, SHIB's fate may also be dependent on the broader crypto market sentiment.
What's next?
The cryptocurrency market continues to navigate choppy waters as global economic concerns weigh on investor sentiment.
Shiba Inu has recently established short-term resistance in the range between $0.00001467 and $0.00001470, where high-volume selling has prevented upward movement. The emergence of lower highs following previous peaks implies bearish pressure, while the token has found support between $0.00001426 and $0.00001436.
Investors are anticipating the release of the personal consumption expenditures index, the Federal Reserve's preferred inflation gauge, on Friday morning.
In positive news, trading platform eToro has expanded its crypto offerings in the U.S., adding 12 new digital assets, including Shiba Inu, the company said Wednesday.
U.Today Editorial Team
Vladislav Sopov