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Title: 518,200,000,000,000 SHIB Next as Shiba Inu Reaches $0.000013
Shiba Inu’s recent upward momentum has brought it to a critical barrier where 518,200,000,000,000 SHIB were previously bought, according to on-chain data. This milestone marks the latest rally in cryptocurrency prices, with SHIB rising 16% this month.
In the past three days, Shiba Inu has surged, reaching a high of $0.00001387 before retreating. As of writing, it’s trading around $0.00001324 and up 15.94% weekly.
The price remains in consolidation at present, with buyers and sellers engaging in a battle over short-term direction. To break through this barrier, Shiba Inu will need considerable buying pressure to succeed.
However, if SHIB does breach the aforementioned level of $0.00001387, there is a potential for a wider rise to take place, possibly reaching the range of $0.000014 and $0.000019 at an average cost basis of $0.000016 by 166,420 addresses.
On the other hand, rejection at this level could lead to a return towards lower support zones.
The presence of 518,200,000,000,000 SHIB implies that numerous holders are waiting for Shiba Inu’s price increase to break even, potentially increasing the probability of profit-taking and short-term volatility once the price reaches this range.
Source: u.today
