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Shiba Inu (SHIB) is in a precarious position as it fights to maintain key support levels, with 134 trillion SHIB hanging in the balance amid low market activity.
SHIB Struggles to Break Through Since Early August
The price of Shiba Inu (SHIB), a cryptocurrency with a dog motif, has remained almost unchanged in the past few weeks, with attempts to go higher encountering obstruction.
Gaining upward momentum has been difficult for SHIB, and the overall cryptocurrency market has been unpredictable. There has been a range of emotions in the market, with many investors maintaining a cautious stance, U.Today reports.
However, since August 5th, Shiba Inu's consolidation range has grown narrower, and the breed has failed to break through $0.000015. As the Shiba Inu price continues to battle to emerge from its recent price stasis, the market is now intently watching important resistance and support levels, including a big support level at approximately 134 trillion SHIB.
134 Trillion SHIB Anchor Key Support Zone
Data from IntoTheBlock shows that 360,260 addresses, the backbone of the Shiba Inu network, purchased 134.46 trillion SHIB between $0.000008 and $0.000013.
The market's weak trading activity was reflected in SHIB's 0.06% increase to $0.0000137 in the last 24 hours as of writing.
If SHIB can overcome its current lack of activity and make a clear upward move, all eyes will be on it. A good breakout for Shiba Inu would necessitate the overcoming of resistance levels, primarily its 50-day and 200-day moving averages, which are $0.0000161 and $0.0000205, respectively.
As said before, the next major support for Shiba Inu, should it continue to decrease, is inside the $0.000008 to $0.000013 zone.
Potential Breakout Hinges on Support Holding Firm
Shiba Inu might be able to launch a major breakout if this support level stays put. In contrast, if the Shiba Inu price breaks down below this level, it could mean more consolidation or maybe even a drop in price.
Having said that, SHIB's ability to resume its upward momentum or encounter additional consolidation may depend on the events of the next few days or weeks.
