Peter Smith
Shiba Inu cryptocurrency has entered a significant on-chain range with 41 trillion tokens concentrated at a key price level, potentially determining whether SHIB will break out or face rejection in the coming market moves.
41 Trillion SHIB (Shiba Inu) Creates Key Price Barrier
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 data from IntoTheBlock, precisely 41.89 trillion SHIB are currently held by 66,090 addresses between the price points of $0.000012 and $0.000013. This substantial concentration of holdings creates a key barrier that may determine SHIB's short-term trajectory in the cryptocurrency market.
Shiba Inu (SHIB) Faces Two Likely Scenarios at Current Levels
Whether SHIB can successfully break above this range or faces rejection at this critical level might shape its momentum in the coming days. Two primary scenarios appear most likely at this juncture: a breakout above this concentration range could trigger additional gains, potentially taking SHIB over $0.000013 and possibly reaching toward $0.000014.
However, a more significant challenge lies ahead if Shiba Inu continues its upward movement. The token would then confront its major resistance in the range between $0.000014 and $0.000019, where a massive 547.74 trillion SHIB is being held by 161,680 addresses. This represents an even larger concentration of tokens that could prove difficult to overcome.
On the contrary, if SHIB fails to maintain its position above the $0.000012 and $0.000013 range, it may face increased selling pressure, which might pull the price toward recent support levels near $0.000011.
SHIB (Shiba Inu) Performance Shows Mixed Results Amid Market Recovery
At press time, Shiba Inu was trading at $0.00001258, representing a 2.07% decrease over the previous 24 hours. Despite this short-term decline, the token has maintained a positive 3% gain on a weekly basis, indicating resilience in its overall market position.
Shiba Inu's price movements have generally aligned with the broader cryptocurrency market, which has been gaining fresh momentum. On Monday, cryptocurrency prices rose across the board, signaling improved investor sentiment throughout the digital asset space. Bitcoin has surpassed the $88,000 mark, with major cryptocurrencies witnessing similar upward movements.
Shiba Inu (SHIB) Technical Analysis Shows Critical SMA 50 Breakthrough
Shiba Inu has been steadily moving higher since April 16, when it reached a low of $0.00001147. This rally has progressed methodically, allowing Shiba Inu to surpass the closely watched daily Simple Moving Average (SMA) 50 at $0.0000125. This technical barrier has effectively capped Shiba Inu's price since December 2024, making the recent breakthrough potentially significant.
In the coming trading sessions, market analysts will be closely monitoring Shiba Inu's price behavior around the daily SMA 50. A decisive break above this level could trigger further gains and establish a new bullish trend, while a drop back below this average would likely extend Shiba Inu's current consolidation phase.
The confluence of both on-chain data showing token concentration and technical analysis indicating a potential trend change makes the current price level particularly important for SHIB investors. As the broader crypto market continues its recovery, Shiba Inu's ability to navigate these critical levels will likely determine its performance in the short to medium term.
Peter Smith
