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Shiba Inu (SHIB) is on the radar of traders as a key support level lies just below its current trading range. Notably, this critical support zone represents a point where a massive 88 trillion SHIB was previously accumulated. In the event of a dip, this support level might come into play, potentially leading to significant market activity.

On-chain data from IntoTheBlock reveals that a staggering 88.37 trillion SHIB tokens were bought in the range between $0.000024 and $0.00029 at an average price of $0.000026 by 166,700 addresses. Large-scale accumulations like this often signal a strong floor, where buyers are likely to step in and defend the price.

At the time of writing, SHIB was up 2.65% in the last 24 hours to $0.00003119 and up 17% weekly.

However, if SHIB falls below its present levels and tests this support, it may activate buying pressure, resulting in increased interest and possibly stabilizing the price. If the support fails to hold, it might lead to increasing selling pressure and additional losses.

Eyes on Shiba Inu's price

The 88 trillion SHIB support zone is a critical level to monitor as Shiba Inu navigates its current market phase. Whether this support activates a surge in buying pressure or gives way to further downside will depend on broader market dynamics and investor sentiment in the coming days.

As of now, SHIB is trading near this critical area, with resistance at $0.000033 and support at $0.000026. A drop below the $0.000026 mark could test the resilience of the 88 trillion SHIB support cluster. If this support holds, it could provide a strong foundation for a potential price rebound. Conversely, if the support fails, SHIB might experience further declines, testing lower support levels. A break below $0.000026 may allow for a drop to the 50-day SMA at $0.00002295.

For now, the market will be closely monitoring SHIB's price movements to see if it can sustain and advance its current levels or if a downside move will trigger this key support.