SHIB Price Has Entered a Critical Trading Zone

Shiba Inu (SHIB), Ethereum's well-known meme coin, has entered a critical trading zone. With prices hovering around the $0.000012 mark, both bullish and bearish traders are closely watching

Shiba Inu (SHIB) has entered a critical trading zone as its price hovers around the $0.000012 mark, closely watched by both bullish and bearish traders for the next significant move.

This level has seen a variety of technical analysis points converge, putting SHIB at a neutral point where neither side has clear dominance, making the next price swing more impactful as it could decide the token’s direction for the coming weeks or months.

At present, this level is recognized as a support, given how often the price has bounced back from it. However, the same level could quickly turn into a strong resistance point if the price decisively breaks and stays below it. Due to this, market analysts are looking closely at other technical indicators to better understand SHIB’s current price action.

Looking at the Relative Strength Index (RSI), it currently stands around 44, suggesting a decreasing bullish momentum and a rising bearish pressure on SHIB.

Moreover, on-chain data reveals that over 29 trillion SHIB tokens were distributed among holders within the $0.000012 to $0.000013 price range. This massive volume of SHIB at these levels also implies that many investments could turn negative if the price continues to decline, potentially leading to increased selling pressure.

Specifically, data from on-chain analytics firm Glassnode shows that 29.4 trillion SHIB tokens were bought or moved by holders at prices between $0.000012 and $0.000013.

This substantial volume, which is greater than the total SHIB supply at these price levels, could become a crucial factor if the price continues downward.

At present, SHIB is trading at $0.0000125, nearly at the midpoint of its recent local high of $0.000015 and local low of $0.00010.