- ShibaInu is trapped between a critical support level at $0.000012 and a massive 29 trillion SHIB on-chain resistance cluster, creating a precarious price zone.
- Technical indicators show waning momentum, while on-chain data reveals thousands of holders stuck near this range.
A Critical Price Zone: Battle of Bulls and Bears
ShibaInu (SHIB) finds itself in a precarious position as it battles a formidable 29 trillion SHIB trap. Wedged between a critical support level and a substantial on-chain resistance cluster, SHIB’s current trading zone, around the $0.000012 mark, serves as both a battleground and a bottleneck for the meme coin.
Technical Indicators Signal a Standoff
Currently, SHIB is trading at approximately $0.0000122, just above a vital horizontal support line. This level, tested numerous times over recent months, acts as a short-term buffer against further declines. However, the danger looms as persistent selling pressure could transform this support into a resistance point.
Adding to the concern, trading volume has significantly decreased, hinting at fading interest among investors. Meanwhile, the Relative Strength Index (RSI), positioned at 44, indicates weakening momentum and a growing bearish sentiment. This confluence of technical factors paints a picture of uncertainty for SHIB enthusiasts.
The On-Chain Conundrum: 29 Trillion SHIB at Stake
On-chain data from IntoTheBlock unveils the heart of the dilemma. An eye-popping 29 trillion SHIB is trapped between $0.000012 and $0.000013, creating a concentrated price range where holders are stuck. Approximately 25,700 addresses bought SHIB near $0.000012, while around 19,800 addresses entered close to $0.000013.
Many of these addresses are just outside the profitable zone, leaving holders caught between holding for potential gains or selling at a loss. The outcome of this tug-of-war will significantly influence SHIB’s short-term trajectory, with a breakout in either direction potentially triggering substantial volatility.
What Lies Ahead for SHIB?
The combination of waning volume, declining momentum, and a massive on-chain resistance zone makes this a critical moment for ShibaInu. Should buyers manage to reclaim momentum, SHIB might break through resistance and regain bullish sentiment. However, failure to maintain current support could trigger a cascading effect, pushing SHIB into lower price territories.
For now, SHIB holders are bracing themselves, watching the charts closely as this 29 trillion SHIB trap unfolds.
