The price of dog-themed cryptocurrency Shiba Inu (SHIB) might be on the verge of a major move.

Following days of whipsaw movement, Shiba Inu has now stabilized near $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 on-chain 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.

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According to data from IntoTheBlock, a staggering 434.97 trillion SHIB tokens were bought by 37,560 addresses in the price range of $0.000017 to $0.000019, at an average price of $0.000018.

What's next for SHIB's 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 toward 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.

SHIB/USD Daily Chart, Courtesy: TradingView

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.

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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 on the overall crypto market might bolster SHIB price recovery, while negative sentiment might exacerbate selling pressure.