25,740,000,000,000 SHIB Stuck as Market Downturn Hits Shiba Inu

The cryptocurrency market is under downward pressure early Saturday, with the sell-off mostly fueled by macroeconomic concerns. In the last 24 hours, the market has seen $298 million in cryptocurrency liquidations as traders continued profit-taking from last week’s surge. Shiba Inu is down 5.81% in this time frame, trading at $0.0000142, indicating selling pressure amid a broader crypto market downturn.

Shiba Inu has steadily declined from the start of the week, with a price spike to highs of $0.00001764 cut short on May 12 due to a drop in the broader cryptocurrency market. Since May 11, SHIB has marked five out of six days in losses as investors sold on rallies.

The drop brought Shiba Inu to a low of $0.000014 on Saturday, a decisive level where a substantial amount of SHIB is being held.

According to IntoTheBlock data, 25.74 trillion SHIB are currently held by 34,170 addresses in the narrow price range between $0.000014 and $0.000015, where SHIB is trading.

25.74 trillion SHIB stuck?

Shiba Inu price is facing a battle between the bulls and bears. The daily RSI exactly at the 50 midpoint lends credence to this, indicating hesitation among buyers and sellers.

The current market scenario suggests the 25.74 trillion SHIB held in the $0.000014 and $0.000015 range might be “stuck,” as the 34,170 SHIB addresses holding might be underwater or at break-even, awaiting market trends to decide their next moves. Given the current profit-taking in the market, some of these addresses might decide to sell to break even on their positions.

On the flip side, this consolidation zone could also act as a support level if holders in this range choose not to sell at the moment while anticipating a price recovery.

As SHIB clings to the lower edge of the $0.000014 to $0.000015 range, all eyes are on whether it can rebound or break. For now, the dog-themed coin is caught in limbo, along with trillions of tokens.

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