According to on-chain data, the dog-themed cryptocurrency Shiba Inu (SHIB) is facing a large price range containing 430 trillion SHIB tokens.
According to IntoTheBlock data, 430.63 trillion SHIB are held in the range of $0.000017 to $0.000019 with an average price of $0.000018 by 49,080 addresses.
With Shiba Inu price consolidating in this major range, SHIB bulls are considering their next move. With so much SHIB trapped in this price range, the price could see a breakout or continue its sideways movement. The question remains: What will Shiba Inu bulls do next?
The 430 trillion SHIB tokens in this range form a narrow area of resistance and support. This massive amount of tokens has the potential to either stabilize the price or cause volatility.
What's next for Shiba Inu price?
At the time of writing, Shiba Inu price is down 3.89% in the last 24 hours to $0.00001733. With price consolidation currently occurring around the $430 trillion Shiba token range, several possible outcomes are possible.
If Shiba Inu bulls manage to push the price above this rally with enough volume, a breakout could occur. This could trigger a buying frenzy, leading to a sharp price surge. Such a move could attract retail traders and add momentum. In this scenario, the next major resistance for Shiba Inu lies at $0.000019 and $0.000024 where 96.98 trillion Shiba Inu are held by 95,440 addresses.
On the other hand, Shiba Inu may remain in its consolidation phase for a bit longer, fluctuating within the $430 trillion token pool. This could be unsettling for traders looking for immediate returns, but could provide price stability for long-term holders.
If Shiba Inu fails to stay within the $430 trillion Shiba Inu price range and drops below key support levels, bears could take control of the market, leading to a potential price decline. In this scenario, the next major support for Shiba Inu is located at $0.000014 and $0.000017 where 88,350 addresses hold 128.58 trillion Shiba Inu.