Massive SHIB Accumulation: Will the Bulls Regain Control?

Shiba Inu Treads Key Price Range as Bulls and Bears Grapple for Control

The dog-themed cryptocurrency Shiba Inu (SHIB) is currently trading within a crucial price range, and the bulls may need to act quickly to maintain their position.

Following a recent price drop, Shiba Inu is now trading between $0.000012 and $0.000013, where over 39.71 trillion tokens were previously held, according to on-chain data. At the time of writing, SHIB was up 0.24% in the last 24 hours, reaching $0.00001293, after a loss earlier this week. The cryptocurrency had risen for four consecutive days since May 31 before dropping from a June 3 high of $0.00001345.

On the macroeconomic front, the latest weekly jobless claims were higher than predicted, with the Labor Department reporting 247,000 first-time filings for jobless benefits last week, exceeding the Dow Jones projection of 236,000. This decline on Wednesday also comes on the heels of a slew of other negative U.S. data.

According to IntoTheBlock data, 39.71 trillion SHIB are held in the range of $0.000012 and $0.000013 by 66,750 addresses. Amid the current market uncertainty, bulls might need to demonstrate volume and conviction to hold the line at this key price range. Conversely, bears, emboldened by the recent market decline, may seek to break the $0.000012 support and capitalize on weak hands.

If the selling pressure continues, support is expected at $0.00001, an average cost basis of 64.76 trillion SHIB held by 278,360 addresses. On the other hand, minimal resistance lies ahead of Shiba Inu's current range between $0.000013 and $0.000014, where 1.94 trillion SHIB tokens are held by 5,280 addresses.

The coming sessions will be crucial in determining whether SHIB can regain bullish momentum or if further downside awaits the cryptocurrency.