The price of Shiba Inu (SHIB) is encountering a critical test within the support range of $0.000008 to $0.000013, an area exhibiting significant token concentration and holder activity.
This specific price bracket holds a substantial 91.61 trillion SHIB tokens distributed across 302,740 distinct wallet addresses, signaling a zone where holders may actively defend against further declines.
Concurrently, technical analysis highlights the 50-day Simple Moving Average (SMA), positioned at approximately $0.00001265, as a pivotal indicator for SHIB’s near-term price direction. Maintaining a position above this level could potentially foster bullish sentiment.
Recent market volatility has exerted pressure on SHIB, contributing to a 5.28% price decline. This drop places both the established support range and the crucial 50-day SMA under scrutiny.
A decisive break below the 50-day SMA is viewed as a bearish signal that could trigger additional downside momentum, potentially targeting the $0.00001 level. The substantial token accumulation within this zone underscores its importance for determining SHIB’s subsequent major price movement.