The bears and bulls are engaged in a violent war in the 59 trillion SHIB range right now, with a big impact on SHIB’s future move in price. Shiba Inu, a cryptocurrency with a dog motif, is trading in this range.
Whether SHIB is able to maintain or breach this threshold will determine which of two possible outcomes will occur.
In the vicinity of the Shiba Inu trading location, IntoTheBlock Global In and Out of Money reports that 76,240 addresses purchased 59.76 trillion SHIB. At the time of writing, SHIB was trading at $0.000008866, down 1.49% over the previous day.
Two possible outcomes are as follows: either SHIB maintains the 59 trillion SHIB level or it rises. This would suggest that buyers are prepared to defend and accumulate SHIB at this level and that there is still sufficient demand and momentum for the stock to remain above this level.
Should the bulls prevail in this scenario, SHIB may aim for the next significant resistance level, when 322,000 addresses purchased 226.25 trillion SHIB at an average price of $0.000011, and perhaps restart its upward trajectory. This range is in the neighbourhood of $0.000009 and $0.000014. If bulls take control of this level completely, Shiba Inu may see 90% upside gains and the price would no longer have a zero.
On the other hand, if SHIB breaches the 59 trillion SHIB level and declines, this would suggest that sellers are in charge of the market and that SHIB has lost its support.
Should this come to pass, SHIB may encounter the subsequent support level, where 63,730 addresses purchased 25.93 trillion SHIB at an average price of $0.000008, a level where bulls are expected to stop the losses.
In other developments pertaining to Shiba Inus, Puppynet from Shibarium is moving to the Sepolia network as its new home. By offering a stable testing environment that an exact replica of the Ethereum mainnet, Sepolia ensures that developers have a reliable platform on which to test their dApps and smart contracts properly.
