u.today
The price of dog-themed cryptocurrency Shiba Inu ($SHIB) might be on the verge of a big move.
Following days of whipsaw movement, Shiba Inu has now stabilized near the $0.000017. Since the mid-April washout, Shiba Inu has largely fluctuated in a range beneath its daily SMA 50. Bulls attempted to surpass this key level in late May however their efforts fell short as $SHIB returned below its daily MA 50 after reaching highs of $0.00002940 on May 29.
Shiba Inu's months-long consolidation beneath the daily SMA 50 continues, with the market looking for signs of a breakout in the short term.
In this regard, the market is intently watching a crucial level that may define $SHIB's next big move.
According to onchain data, the crucial price level to watch for Shiba Inu is $0.000018. This level is significant because a substantial amount of $SHIB tokens are held by investors at this price point.
According to data from IntoTheBlock, a staggering 434.97 trillion $SHIB tokens were bought by 37,560 addresses within the price range of $0.000017 to $0.000019, at an average price of $0.000018.
What's next for $SHIB price?
At the time of writing, $SHIB was down 0.93% in the last 24 hours to $0.00001724. Eyes are on $SHIB's price to adjudge a potential move towards the $0.000018 price level, where a substantial amount of tokens are held. This key level could determine the cryptocurrency's next major move, whether it be a rally, a breakdown, or a period of consolidation.
If the price of $SHIB rises above this level, it may spark a bullish rally, attracting more buyers with the next price barrier being $0.00002. A successful move could see $SHIB reach the $0.00003 level.
Another possibility is that $SHIB might persist in its current consolidation range as the price awaits a major breakout.
Sentiment in the broader cryptocurrency market can also influence $SHIB's price action. Positive sentiment in the overall crypto market might bolster $SHIB price recovery, while negative sentiment might exacerbate selling pressure.