Shiba Inu (SHIB) Market Analysis

Shiba Inu (SHIB) is at a pivotal point in the market, confronting a major support range that could influence its upcoming price movement. Current on-chain data shows that SHIB is testing support within the range of $0.000008 to $0.000013, where a total of 91.61 trillion SHIB tokens are held.

This significant concentration indicates that approximately 302,740 addresses are active in this price band, making it a critical battleground for bulls and bears. A sustained hold at this support level could pave the way for a potential rebound.

According to IntoTheBlock data, the $0.000008-$0.000013 interval remains a key accumulation zone for SHIB. With 91 trillion tokens positioned in this range, market reactions here will likely dictate SHIB’s performance in the upcoming weeks.

Shiba Inu Tests Daily SMA 50

In the past 24 hours, Shiba Inu (SHIB) has experienced a decline of 5.28%, falling to $0.00001272 due to market fluctuations and upcoming Federal Reserve interest rate decisions. The Fed is set to announce its interest rate decisions Wednesday afternoon, with rates expected to remain stable.

Shiba Inu’s decline extends from the July 28 high of $0.00001437 and is now on its third day. The asset is currently testing the important support level at the 50-day Simple Moving Average (SMA), set at $0.00001265. Traders monitor this level closely to assess short-term momentum.

The 50-day SMA has functioned as both support and resistance in the current cycle, and SHIB is currently hovering just above this critical threshold. This suggests that buyers are attempting to defend it, despite market pressures.

If the 50-day SMA holds, it could provide a solid foundation for a rebound, instilling confidence in buyers to increase prices. Conversely, if SHIB fails to remain above the SMA 50, a retest of lower support levels, potentially around $0.00001, might occur.