The dog-themed cryptocurrency Shiba Inu (SHIB) has reached a significant market level where 41 trillion tokens are held by a significant number of addresses, which could impact its future movements.
Key Level and SHIB Concentration
According to data from IntoTheBlock, 41.89 trillion SHIB tokens are held by 66,090 addresses between $0.000012 and $0.000013. This concentration creates a key barrier that may determine SHIB's short-term trajectory.
Possible Scenarios
Two scenarios are likely: a breakout above this range could trigger additional gains, potentially taking SHIB over $0.000013 and possibly to $0.000014. Conversely, if SHIB fails to hold above the $0.000012 and $0.000013 range, it may face increased sell pressure, pulling the price towards recent support levels near $0.000011.
Current Market Situation and Predictions
At press time, Shiba Inu was down 2.07% in the last 24 hours to $0.00001258 and up 3% weekly. Shiba Inu's price is in the green as the broader cryptocurrency market gains fresh momentum. On Monday, cryptocurrency prices rose, signaling improved investor sentiment. BTC has surpassed $88,000, with major cryptocurrencies witnessing rises.
Thus, Shiba Inu's price behavior around the 50-day SMA will be closely watched, as a decisive break could trigger further gains, while a drop would extend Shiba Inu's current consolidation.
