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Dog-themed cryptocurrency Shiba Inu (SHIB) is at a crucial turning point as it faces a major supply test that could determine its next big price move. Ahead of Shiba Inu is a significant price range where 549 trillion SHIB are currently held, and a breakout past this level could trigger a 50% rally, making this a critical time for SHIB holders and traders.
According to IntoTheBlock data, Shiba Inu faces substantial resistance in the $0.000014 to $0.000019 area, where 165,890 addresses hold 549.14 trillion SHIB, which were purchased at an average price of $0.000016.
This massive supply overhang has historically acted as a strong barrier, preventing major price surges. For SHIB to rise substantially, it must overcome this supply challenge with strong buying momentum.
Shiba Inu was trading at $0.0000126 at the time of writing, down 3.69% from the previous day. Bulls' aim is twofold: first, they are seeking to sustain the SHIB price and avoid additional drops; second, bulls are hoping to surpass the $0.000014 mark, which would be necessary for SHIB to perform a test on the 549 trillion SHIB supply.
Arman ShirinyanShiba Inu's price turned downward at a high of $0.00001382 on March 16 after three days of increases, suggesting a short-term barrier ahead of $0.000014.
According to IntoTheBlock data, 27.17 trillion SHIB tokens are being held between $0.000012 and $0.000014 by 53,910 addresses near where SHIB currently trades.
What’s next for SHIB?
If Shiba Inu successfully clears the 549 trillion SHIB resistance, it might reach the upper boundary of the resistance range at $0.000019, which marks an approximately 50% increase from current price levels.
Tomiwabold OlajideHowever, failure to do so could result in a period of consolidation or even a price pullback. Support is anticipated at the $0.0000108 level, which halted SHIB declines on March 11 and initiated a rebound for the SHIB price.
The crypto community is closely watching SHIB’s next move. All eyes are on whether the dog coin can pass this crucial test and unlock a new bullish wave. In the short term, Shiba Inu's price might depend on market conditions and investor sentiment.
This week, the market looks ahead to the Federal Reserve’s two-day policy meeting, which begins on Tuesday, and the Fed's monetary policy announcement on Wednesday.
Vladislav Sopov
Dan Burgin