28,350,000,000,000 SHIB Supply at Critical Juncture: What's Expected?
Emily HarrisMarket observing to see what comes next for Shiba Inu[...]
Shiba Inu at a Critical Juncture: Analysts Closely Monitor Consolidation Range
The dog-themed cryptocurrency Shiba Inu (SHIB) is currently at a crucial juncture, with 28.35 trillion tokens locked in a tight trading range, and the market is eagerly anticipating the next move.
According to IntoTheBlock, a significant amount of 28.35 trillion SHIB are held by 39,870 addresses in the price range between $0.000014 and $0.000015. This cluster of supply in this narrow range suggests a battleground for both bears and bulls.
At the time of writing, SHIB is down 1.53% over the last 24 hours, trading at $0.0000143 amid an overall mixed sentiment across the broader crypto market. While Shiba Inu's price movement has remained relatively muted recently, this consolidation range could act as a launchpad or a breakdown zone, depending on market sentiment.
Potential Price Targets and Factors to Watch
A decisive break above $0.000015 could trigger fresh bullish momentum, potentially targeting $0.000018, but a drop below $0.000014 could spark additional downward pressure, possibly targeting $0.00001.
Analysts are closely watching to see what comes next for the Shiba Inu price. Ali, a crypto analyst, says Shiba Inu is consolidating within a triangle on its four-hour chart, awaiting a 17% price move. The broader market sentiment will also be watched to determine the direction of Shiba Inu's next move.
Crypto Market Awaits Fed Minutes Release
In the early Wednesday session, the crypto market is posting mixed price action ahead of the release of the Federal Open Market Committee (FOMC) meeting minutes from May, scheduled for 2:00 p.m. ET.
Investors will be looking for additional insights into how the Federal Reserve is making monetary policy choices in the face of trade policy uncertainties. Additionally, the personal consumption expenditures index, the Fed's preferred inflation gauge, will be released on Friday morning, and investors will be watching for clues about the health of the U.S. economy.
