Shiba Inu navigates a challenging situation as the SHIB price currently trades near $0.00001238. This price level is both pivotal and problematic. Recent upward price action showed promise, yet SHIB stays stuck within a narrow on-chain band as billions of its tokens are concentrated at key value points. Market data reveals Shiba Inu price showed signs of bullish potential after moving above its 50-day EMA; however, considerable overhead resistance makes a lasting upward path uncertain.
An analysis by IntoTheBlock made SHIB news headlines, showing that over 66,000 addresses hold more than 41 trillion SHIB within the $0.000012 to $0.000013 zone. This high concentration of tokens held near breakeven points makes achieving a value surge challenging. Without fresh buying interest entering the market, Shiba Inu may struggle to escape this zone, potentially leading to sideways trading or even a price pullback.
Why Are Major Liquidity Zones Trapping Shiba Inu Price?
A key zone for the SHIB price is between $0.000012 and $0.000013. Approximately 41.89 trillion Shiba Inu tokens are held in these zones. Such an immense accumulation forms a significant supply barrier, potentially halting any upward movement. Breaking past this point might enable short-term profits, yet SHIB would quickly encounter another major resistance barrier.
Beyond the $0.000013 mark, there is another liquidity area containing 15 trillion tokens held by almost 18,000 addresses. The higher range, between $0.000013 and $0.000014, presents a potential trap, where early investors might rush to sell and break even. These heavy concentrations lower the momentum and make the Shiba Inu price sensitive to negative signals.
What Do Technical Signals Suggest for SHIB Price?
From a technical perspective, Shiba Inu’s recent close above its 50-day EMA provides a bullish signal. Trading volumes remain low, though. This suggests market participants are acting cautiously. Without a convincing jump in volume, any further rally could lack the necessary strength to push through resistance levels.
The Relative Strength Index is currently around 54, far away from overbought levels. This technical position theoretically allows for further upward movement. However, the mix of stagnant volume and likely selling pressure creates an unstable environment. Any SHIB price appreciation might remain limited unless technical indicators align more strongly in favor of buyers.
What’s the latest SHIB Price Prediction?
The immediate path for Shiba Inu price depends on maintaining a move above the crucial $0.000013 level. A clear breakout could strengthen the outlook, pushing the asset towards the $0.000014 to $0.000019 range. This area holds over 547 trillion SHIB, representing immense supply-side pressure that could pose the biggest challenge for the digital currency.
Conversely, if SHIB fails to hold the current $0.000012 to $0.000013 support zone, as seen in the SHIB/USD chart, prices may fall to the $0.000011 mark. This lower boundary acted as support during recent market declines. However, a drop below this point could signal a broader downturn, potentially erasing recent gains and damaging overall positive sentiment among holders.
What SHIB News Could Impact Shiba Inu Price?
As SHIB price consolidates within a tight range, investors are wondering if a significant breakout or breakdown is now imminent. This tightly packed zone increases market uncertainty regarding the immediate future direction for the token. Existing on-chain data implies SHIB is in a holding pattern, clearly awaiting a strong catalyst before any major price prediction shift can occur.
However, positive outcomes remain within reach for Shiba Inu holders. Positive SHIB news or a broader market surge could provide the necessary momentum to breach resistance zones and help re-establish an upward price movement. Such a development might finally break the current deadlock and potentially reward patient holders who are closely observing the market.
Source: Coinfomania / Digpu NewsTex