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According to on-chain data, dog-themed cryptocurrency Shiba Inu (SHIB) is facing a significant price cluster that holds 430 trillion SHIB tokens.
Per IntoTheBlock data, 430.63 trillion SHIB are being held in the range of $0.000017 and $0.000019 at an average price of $0.000018 by 49,080 addresses.
As the Shiba Inu price consolidates at this key cluster, SHIB bulls are contemplating their next move. With so much SHIB locked in this price range, the price might see a breakout or continue its sideways movement. The question remains: What will Shiba Inu bulls do next?
The 430 trillion SHIB tokens held at this range form a tight zone of resistance and support. This massive amount of tokens has the potential to either stabilize the price or spark volatility.
At the time of writing, SHIB was down 3.89% in the last 24 hours to $0.00001733. With price consolidation currently happening around the 430 trillion SHIB token range, several potential outcomes are possible.
If SHIB bulls can push the price above this cluster with sufficient volume, a breakout may occur. This might trigger a buying frenzy, leading to a sharp price increase. Such a move could entice retail traders and increase momentum. In this scenario, Shiba Inu's next major resistance lies at $0.000019 and $0.000024 where 96.98 trillion SHIB are being held by 95,440 addresses.
On the other hand, SHIB might remain in its consolidation phase for a little while longer, fluctuating within the 430 trillion token cluster. This would upset traders seeking immediate returns, but it might provide price stability for long-term holders.
If SHIB fails to sustain within the 430 trillion SHIB price cluster and breaks below key support levels, bears may seize control, resulting in a possible decline in price. In this scenario, Shiba Inu's next major support sits at $0.000014 and $0.000017 where 128.58 trillion SHIB are being held by 88,350 addresses.