Dog-themed cryptocurrency Shiba Inu (SHIB) has reached a pivotal point in its price action. The dog coin is now trading at a crucial range of 416 trillion SHIB, according to on-chain data. This critical level has become the center of attention, as market participants speculate on the meme token's price swings.
According to IntoTheBlock data, 416.38 trillion SHIB were bought by 19,120 addresses in the range between $0.000017 and $0.000018 at an average price of $0.000018.
Shiba Inu's price currently hovers around the $0.000018 level, making it a make-or-break point for the token's short-term trajectory. At the time of writing, SHIB was up 1.49% in the last 24 hours to $0.00001814.
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The 416.38 trillion SHIB acquired around this price level add to the weight of its significance, as it could either act as a strong support or a prelude to further declines.
Road ahead?
Shiba Inu's trading at the 416 trillion SHIB level might be a moment of reckoning for the token. The cryptocurrency community is on the edge of its seat, waiting to see whether this will be a turning point for Shiba Inu or just another bump in the road.
As Shiba Inu trades at this pivotal level, several potential scenarios could unfold. The token may bounce back from the 416 trillion SHIB level, leveraging it as a springboard for future gains.
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On the other hand, a break below this key level might trigger a sell-off, leading to a further decline in price. In this scenario, Shiba Inu's next support lies at $0.000014 and $0.000017, where 91.92 trillion SHIB were bought by 60,560 addresses at an average price of $0.000016.
SHIB might also enter a period of consolidation, trading within a range while the market awaits the next major move. This scenario might bring relative stability in price as buyers and sellers find equilibrium.
Consolidation periods frequently precede large swings, so traders will be watching for breakout signals.