Shiba Inu at Risk? 91 Trillion SHIB Suddenly Important as Market Drops

Shiba Inu (SHIB) has reached a critical moment on the market as it confronts a major support range that could determine its next price direction. According to on-chain data, Shiba Inu is currently testing support in the $0.000008 to $0.000013 range, where 91.61 trillion SHIB tokens are being held.

This significant concentration of SHIB indicates that a large number of holders, about 302,740 addresses, are located in this price band, making it a crucial battleground between bulls and bears. If this support holds, it could lay the groundwork for a potential rebound.

According to IntoTheBlock data, the $0.000008-$0.000013 range remains one of SHIB’s most significant accumulation zones. With 91 trillion tokens resting in this range, the market’s reaction here could set the tone for SHIB’s performance in the weeks ahead.

Technically, Shiba Inu also faces a crucial test as it attempts to flip the daily SMA 50 into support.

Shiba Inu testing daily SMA 50

Shiba Inu (SHIB) fell 5.28% to $0.00001272 in the last 24 hours due to market volatility and anticipation of the Fed’s rate decision. The Federal Reserve will announce its interest rate decision on Wednesday afternoon, and rates are largely expected to remain steady.

Shiba Inu is extending its drop from the July 28 high of $0.00001437 into the third day. The drop is currently testing support at the 50-day Simple Moving Average (SMA) at $0.00001265, a level closely watched by traders to gauge short-term momentum.

The 50-day SMA has acted as support and resistance in the present cycle. Currently, Shiba Inu is holding just above this crucial level, suggesting that bulls are attempting to defend it despite recent market pressure.

If the 50-day SMA holds, it could provide the foundation for a potential bounce, giving buyers confidence to push prices higher. On the other hand, if SHIB fails to hold above the SMA 50, a retest of the next support levels, potentially toward $0.00001, could follow.

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