Shiba Inu (SHIB) is back in the spotlight after staging an impressive rally this July. The popular meme coin surged from a low of $0.00001275 on July 15 to an intraday high of $0.00001579 within just four days. After months of sideways movement and bearish sentiment, SHIB has finally broken above its descending resistance line, signalling renewed bullish momentum.
SHIB Gains Momentum with Volume and Price Surge
At the time of writing, Shiba Inu trades around $0.0000149, reflecting a 3.78% gain in the past 24 hours. Trading volume has also jumped by 28.05% within the same period, reaching $698.39 million, according to CoinMarketCap. So far this month, SHIB has gained 32%, its largest upward movement since February.
This price surge has pushed Shiba Inu’s market capitalization to approximately $8.86 billion. Much of the renewed interest surrounds ongoing developments within the Shiba Inu ecosystem, especially as the team hints at artificial intelligence-driven initiatives that could further fuel demand for SHIB.
Over Half a Quadrillion SHIB Held at Key Price Zone
The rally has propelled SHIB into a crucial price range between $0.000015 and $0.000019. On-chain data reveals that 129,240 addresses collectively hold 502.7 trillion SHIB in this zone, with an average acquisition price of $0.000017. This massive concentration of holdings could act as a launchpad if SHIB sustains its upward momentum.
This area represents a significant battleground. Should bulls continue to dominate, reclaiming and holding above the $0.000015–$0.000019 range may open the door for further gains. A successful push from here could send SHIB soaring another 60% to $0.000024, the next key resistance level.
Path to $0.000024: Another Cluster of Holders Ahead
If SHIB does move into higher territory, it will next face resistance in the $0.000019 to $0.000024 range. According to IntoTheBlock, 132,110 addresses currently hold 176.26 trillion SHIB in that zone, with an average purchase price of $0.000022. This could introduce fresh selling pressure as these holders look to exit at break-even or modest profits.
Meanwhile, in the event of a pullback, Shiba Inu is finding support between $0.000014 and $0.000015. Within this zone, 31,890 addresses hold approximately 14.45 trillion SHIB, providing a cushion for price stability. If the price retraces, this range could act as a solid base before another potential upward move.
Related article: Shiba Inu Needs to Smash These Key Levels Before Reclaiming $0.000035, On-Chain Data Shows
What Comes Next for SHIB?
Shiba Inu’s current positioning presents both risk and opportunity. The massive amount of SHIB held between $0.000015 and $0.000019 puts pressure on bulls to maintain momentum. If they succeed, the token could challenge the $0.000024 mark, unlocking a wave of gains for long-term holders.
On the other hand, failure to hold support could result in short-term corrections, though new buyers may take advantage of lower prices in anticipation of broader ecosystem developments.
For now, all eyes remain on SHIB’s ability to sustain this breakout and whether it can turn current gains into a full-blown rally.
