Dog-themed cryptocurrency Shiba Inu (SHIB) has reached a crucial on-chain range where 41 trillion SHIB tokens are held by a significant number of Shiba Inu addresses, marking a potential turning point for the coin’s next major move.
According to IntoTheBlock, 41.89 trillion SHIB are held by 66,090 addresses between $0.000012 and $0.000013. This concentration of holdings creates a key barrier that may determine SHIB’s short-term trajectory.
Whether SHIB can break above or is rejected at this range might shape its momentum. Two scenarios are likely: a breakout above this range could trigger additional gains, potentially taking SHIB over $0.000013 and possibly to $0.000014.
Shiba Inu would confront its major resistance in the range of $0.000014 and $0.000019, where a massive 547.74 trillion SHIB is being held by 161,680 addresses.
On the contrary, if SHIB fails to hold above the $0.000012 and $0.000013 range, it may face increased sell pressure, which might pull the price toward recent support levels near $0.000011.
What comes next?
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.
Shiba Inu has steadily ticked higher since April 16, when it reached a low of $0.00001147. The rally progressed, allowing Shiba Inu to surpass the closely watched daily SMA 50 at $0.0000125. This technical barrier has capped Shiba Inu’s price since December 2024.
In the coming sessions, Shiba Inu’s price behavior around the daily SMA 50 will be watched, as a decisive break could trigger further gains, while a drop would extend Shiba Inu’s current consolidation.
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