u.today
Shiba Inu might be at the brink of a significant breakthrough in its price action with a 110 trillion SHIB threshold holding the key to SHIB price doubling in value.
According to IntoTheBlock's breakeven price indicator, 110.27 trillion SHIB were bought by 327,200 Shiba Inu addresses between the range of $0.000026 and $0.000051 at an average price of $0.000034. This is pretty close to the current price range for Shiba Inu.
This implies that over 327,000 addresses would require SHIB to increase to $0.00005 to break even.
While the 110 trillion SHIB tokens present a formidable barrier, they also hold the key to a potential surge in value. This is if taken from Shiba Inu's current prices, a jump to $0.00005 represents a 100% increase in SHIB value.
What makes this threshold more significant is that a successful breach above it holds the potential to erase a zero from the SHIB price. Next to the 110 trillion SHIB threshold is a range where 37.13 trillion SHIB were bought by 126,520 addresses above the $0.000051 price point.
A successful takeover of this level might erase a zero from SHIB's price and propel it to new all-time highs.
The emergence of a bull flag pattern on the Shiba Inu daily chart also adds to the bullish outlook regarding its price. At the week's start, crypto analyst Ali highlighted that Shiba Inu appears to be forming a bull flag on its daily chart that might trigger a bullish breakout and send the SHIB price to $0.000072323.
At the time of writing, SHIB was up 7.75% in the last 24 hours to $0.000025, mirroring the rally in dog coins.
Shiba Inu has been steadily rising in the last four days; technically, the price meets a short-term resistance at the daily MA 50 of $0.0000263. A successful break above here may be required for SHIB to exit its present trading range and generate impetus for a new bullish rise.