518,200,000,000,000 SHIB Next as Shiba Inu Reaches $0.000013

Shiba Inus recent upward momentum has brought it to a critical barrier where 518.2 trillion SHIB were previously bought, according to on-chain data.

Shiba Inu rose for three days at a stretch since July 8, reaching a high of $0.00001387 on Friday, before retreating.

At the time of writing, SHIB was down 1.34% in the last 24 hours to $0.00001324 and up 15.94% weekly. For now, the price remains in consolidation, with buyers and sellers battling over short-term direction.

With SHIB trading around $0.000013, it now faces a significant barrier: a 518.2 trillion SHIB supply wall, which might determine its next move.

According to IntoTheBlock data, 518.2 trillion SHIB were previously bought in the range of $0.000014 and $0.000019 at an average cost basis of $0.000016 by 166,420 addresses.

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The presence of 518.2 trillion SHIB implies that many holders are awaiting a Shiba Inu price increase to this range to break even, potentially increasing the chances of profit-taking and short-term volatility once the price rises to this level.

Whats next？

For SHIB to successfully break past the 518.2 trillion SHIB barrier, considerable buying pressure may be required. A clear breakout above $0.00001387 could pave the way for a wider rise, in this case to the $0.000014 to $0.000019 range; however, rejection at this level could result in a return toward lower support zones.

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The next support on-chain is around the $0.000008 to $0.000013 range, where 108.16 trillion SHIB were previously bought.

Shiba Inus price has risen 16% this month, its strongest performance since November, thanks to increased risk-taking in the cryptocurrency market.

A potential double bottom pattern is forming, indicating a bullish trend reversal if SHIB breaches the May high resistance level of $0.00001764.