The canine-themed cryptocurrency Shiba Inu is headed into a financial roadblock as it approaches its break-even price of $0.00005 on its journey.
This goal is more than simply a figure; it symbolises the community’s combined optimism and will to see their cherished emblem reach new heights. A whopping 106 trillion SHIB tokens must match the $0.00005 price target in order to reach this break-even threshold.
For a certain cryptocurrency asset, the Break Even Price indicator from IntoTheBlock shows the total realised profits and losses for holders. In order for holders of addresses that have seen losses to break even on their holdings, the price would need to rise to the designated price range.
This indicator shows that 308,180 addresses have 106.54 trillion SHIB with an average price of $0.000034 and a loss between $0.000026 and $0.000051.
According to this, SHIB would need to increase to $0.000051 in order to break even for more than 308,000 Shiba Inu addresses. This is a difficult endeavour that requires a convergence of investor mood and market forces given the current dynamics of the market.
SHIB to $0.00005?
With a market capitalization of $14.59 billion and a price that is now at $0.000025, SHIB is currently ranked 11th among the major cryptocurrencies by market value. There are concerns regarding what may cause such a spike given that the shift to $0.00005 would entail a significant rise of more than 100%.
Shiba Inu will soon encounter a strong resistance at the daily SMA 50, which is located close to $0.000025. It could be necessary for SHIB to break above this critical level in order to leave its current trading range and retest the highs at $0.000030 and $0.000032.
Shiba Inu may stay in its present range, with support close to $0.000018 and $0.00002, for some time if a breakout over this crucial barrier fails.
The Shiba Inu development team keeps working as everyone watches to see where the price of these dogs will go next. This week, ShibaSwap debuted on Shibarium, enabling users to generate fresh liquidity pools and carry out cross-swap transactions between Ethereum and Shibarium.
