Dog-themed cryptocurrency Shiba Inu (SHIB) is currently at a critical juncture, with 28.35 trillion tokens locked in a tight trading range, and the market is waiting to observe what comes next.
According to IntoTheBlock, 28.35 trillion SHIB are held by 39,870 addresses in the price range between $0.000014 and $0.000015. The cluster of supply in this narrow range suggests a battleground for both bears and bulls.
At press time, SHIB is down 1.53% over the last 24 hours, trading at $0.0000143 amid 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.
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.
What’s expected
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.
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In the early Wednesday session, the crypto market is posting mixed price action ahead of the release of the Fed minutes.
The Federal Open Market Committee meeting minutes from May are scheduled to be released on Wednesday at 2:00 p.m. ET, providing investors with additional insights into how the Federal Reserve is making monetary policy choices in the face of trade policy uncertainties.
The personal consumption expenditures index, the Fed’s preferred inflation gauge, will be released on Friday morning, and investors will be watching for clues of the health of the U.S. economy.
