Shiba Inu Price Reaches Critical Decision Point as Largest SHIB Investor Pool Slips to Breakeven
The price of Shiba Inu (SHIB) has now reached a crucial decision point as the largest pool of SHIB investors slips into the breakeven zone. According to on-chain analytics platform IntoTheBlock, 13,190 wallets holding a total of 417.43 trillion SHIB tokens acquired them within the price range of $0.000017 to $0.000018.
Last week, SHIB briefly hit the $0.000018 price point for the first time since February but fell further amid continued downward pressure, currently dipping to a low of $0.00001696.
417 Trillion Shiba Inu Tokens at a Critical Decision Point
The 417.43 trillion SHIB tokens held around the $0.000017 mark represent a pivotal threshold for the asset’s price trajectory for multiple reasons. Firstly, these addresses have reached the breakeven point, where they neither gain profit nor incur a loss. Additionally, this price point sees the highest concentration of SHIB tokens among all cumulative price thresholds. Interestingly, despite this area’s high volume, it has the fewest number of addresses, encompassing just 13,000 wallets.
$0.000017: A Crucial Turning Point for Short-term Asset Trajectory
The approximately $0.000017 price point marks a critical turning point in the asset’s short-term trajectory, with the next move having significant implications for investors.
Worst-case Scenario
Should the price of Shiba Inu fall below the $0.000017 price zone and the 417.43 trillion SHIB tokens move out of the money, the next support level would be at $0.000014. At this juncture, around 58,000 wallets hold 94 trillion SHIB tokens with an average price of $0.000016. The approach to $0.000014 support is nearing its end as this level is not very strong, given the number of SHIB holders at this price point. Furthermore, SHIB is already dangerously close to relinquishing the $0.000017 mark, especially as Bitcoin revisits $62,000.
Read more Significant Increase in SHIBA Inu Burn Rate Sees Modest Price Reaction
Other Potential Scenarios
On the other hand, if Shiba Inu gains momentum and temporarily overcomes the bears, it might face resistance in the $0.000018 to $0.000019 range, where 18,150 addresses hold 8.18 trillion SHIB tokens. If the bulls surpass this level, greater resistance awaits immediately after, with over 114,000 wallets holding 67 trillion SHIB tokens, where investors may look to sell their holdings around the $0.000023 zone.
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