Dog-themed cryptocurrency Shiba Inu (SHIB) is approaching a crucial price range that could push a staggering 607 trillion SHIB tokens into profit. According to IntoTheBlock’s Break Even Price indicator, over 202,000 SHIB holders who acquired tokens between $0.000016 and $0.000024 would finally be in profit if prices return to this range.
The Break Even Price aggregates holders' realized gains and losses for a specific crypto asset. The red clusters on the Break Even Price indicator represent addresses with realized losses, while the green symbolizes those with realized gains. For addresses that have realized losses, the price would have to increase to the specified price range for these holders to break even on their positions.
Shiba Inu began its rebound from lows of $0.00001474 on Feb. 6 to record two straight days of gains, culminating in highs of $0.00001653 in Sunday's session before encountering resistance. Shiba Inu is attempting to rebound once again, reaching intraday highs of $0.00001611, which may indicate a short-term barrier above this level.
If Shiba Inu advances its current rebound, 607 trillion SHIB held in the range of $0.000016 to $0.000024 might break even if it finally reaches these levels. Currently, SHIB is just slightly away from these key levels, fueling anticipation for its price.
What's next for Shiba Inu price?
At the time of writing, SHIB was trading at $0.00001583, up 0.23% in the last 24 hours. With the SHIB price inching toward the key $0.000016 level once again, the expectation is building, as surpassing this level might drive further momentum.
Increased buying pressure could push SHIB above the $0.000016 barrier and into the profit zone for many holders. A bullish price reversal on Bitcoin and other major cryptocurrencies could act as a further catalyst for SHIB’s price recovery.
If SHIB rises beyond its current levels and enters the $0.000016-$0.000024 range, it could trigger profit-taking or further accumulation, setting the stage for its next big move. Traders and holders alike will be watching closely to see if SHIB can sustain its current momentum, which would allow a significant amount of SHIB tokens to return into profit.
