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.
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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.
Global In/Out of the Money, Courtesy: IntoTheBlock
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.
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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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