Shiba Inu’s price is teetering near a critical support level tied to 429 trillion tokens. A break could trigger further price drops, while most holders are currently in the red.
The 429 Trillion Token Line in the Sand
The source indicated that SHIB is currently trading at a really important price level. Apparently, there’s a massive support range tied to about 429 trillion SHIB tokens. Think of it like this: a lot of people bought SHIB around this price, and they might be hesitant to sell below it. This creates sort of a “floor” for the price. However, if that floor breaks, meaning the price drops below this point, we could see a whole lot more selling pressure as those holders try to cut their losses. The source explained that right now, SHIB isn’t showing any strong signs of a comeback. It’s still below some key moving averages, which are basically lines on a chart that help show the overall trend of a price. These averages should act as support, but they aren’t providing much of a cushion for SHIB currently.
Majority of Holders Underwater
The source revealed that things don’t look great for most SHIB holders. Only around 9% are actually in profit right now. About 21% are at break-even, meaning they haven’t made or lost money, but a huge 69% are waiting for the price to go back up so they can get out without losing money. This is a lot of folks who might be tempted to sell if the price keeps falling. The source also pointed out that most active SHIB addresses are in the $0.000018 to $0.000020 range. This is the critical level we were talking about earlier, and if the price drops below this range, it could set off a wave of selling. The source concluded that if this support fails, the next significant support is probably much lower, meaning we could see a pretty big drop in the price. So, it’s a crucial time for SHIB; whether it can hold this level or not remains to be seen.
Source: Tech | Bitcoinethereumnews.com
