According to U.Today, Shiba Inu (SHIB), a dog-themed cryptocurrency, has reached a significant point in its price action. The meme token is currently trading at a critical range of 416 trillion SHIB, a level that has become the focus of market participants speculating on the coin's price fluctuations. On-chain data reveals that 416.38 trillion SHIB were purchased by 19,120 addresses within the price range of $0.000017 and $0.000018, with an average price of $0.000018.
Shiba Inu's price is currently hovering around the $0.000018 level, a crucial point that could determine the token's short-term trajectory. At the time of the report, SHIB had increased by 1.49% in the last 24 hours to $0.00001814. The significance of the 416.38 trillion SHIB acquired around this price level is substantial, as it could either serve as a strong support or a precursor to further declines.
The cryptocurrency community is anxiously awaiting to see if this will be a turning point for Shiba Inu or just another hurdle. Several potential scenarios could unfold as Shiba Inu trades at this pivotal level. The token may rebound from the 416 trillion SHIB level, using it as a launchpad for future gains. Conversely, a break below this key level could trigger a sell-off, leading to a further drop in price. In this case, 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.
Alternatively, SHIB might enter a period of consolidation, trading within a range while the market anticipates the next significant move. This scenario could bring relative stability in price as buyers and sellers reach a balance. Periods of consolidation often precede large swings, so traders will be on the lookout for breakout signals.