532 Trillion SHIB Zone in Focus Amid Market Volatility

Dog-themed cryptocurrency Shiba Inu (SHIB) is treading near a critical price zone amid the current market uncertainty. The crypto market saw a significant sell-off during the week, with millions of dollars wiped out in crypto liquidations.

After a strong start to the new year, which saw Bitcoin recapture the $100,000 level, Bitcoin fell to its lowest level this year as it struggles to maintain momentum. Shiba Inu was not exempt from the bearish momentum, reaching lows of $0.00002 on Jan. 8 during a three-day sell-off.

Shiba Inu began to rebound in Friday’s session and it continued till Saturday, reaching intraday highs of $0.00002216. At the time of writing, SHIB was up 1.53% in the last 24 hours to $0.00002183 but down 11.12% in the past seven days.

The RSI indicator has dipped below the midpoint on the daily chart, suggesting a slight edge to the bears. Albeit, Shiba Inu remains in consolidation or range trading between its moving averages of 50 and 200 at $0.00002519 and $0.0000189. The question of where Shiba Inu trends next lies in the heart of many given the current market uncertainty.

Major support level highlighted

According to on-chain data, a significant range where 532 trillion SHIB tokens are held could serve as the next major support level for the meme coin if the current uncertainty in the market persists.

According to data from IntoTheBlock, 532.61 trillion SHIB were bought in the range between $0.000014 and $0.000019 at an average price of $0.000016 by 133,600 addresses. Buying activity at this range is expected to pick up as the 133,600 addresses that had previously bought at this price range are likely to provide support.

The large holding volume suggests that holders at this range are unlikely to sell unless the SHIB price drops significantly below this range. Thus, there is less selling pressure from holders trying to break even on their positions.

Right below SHIB’s current price of $0.0000218, a relatively minor support zone exists between $0.000019 and $0.000021, where 18.2 trillion SHIB were bought by 20,000 addresses. This intermediate support level could provide some cushion in the event of a price decline but may not be as strong as the 532 trillion SHIB range.

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