Shiba Inu continues to show a mixed picture, to say the least. Even though its price action is still largely unchanged, on-chain data indicates significant accumulation activity at a crucial level, indicating possible future movements. In comparison to other assets, SHIB is underperforming at its current price of $0.00002226 and is having difficulty maintaining upward momentum.

The asset seems to lack the volume or market sentiment required to break through a significant resistance level located just above the current price level. The market has, however, discovered a huge accumulation zone in the price range of $0.000021 to $0.000022, where over 64 trillion SHIB tokens are concentrated and held by roughly 30,800 addresses. 

This level is a reliable area of support and may be crucial in deciding SHIB’s future course. A total of 35% and 62% of SHIB addresses are currently in the money, which means they bought the asset at a lower price than it is now trading at, according to on-chain data. Nonetheless, a noteworthy 63% are still out of the money, indicating hesitancy on the part of traders. 

Given that many investors are still underwater and hesitant to reinvest, this imbalance may be the cause of SHIB’s continuous lack of momentum in price performance. Going forward, more volatility might be triggered by a retest of the $0.000022 range. A recovery scenario toward $0.000024 or higher becomes conceivable if SHIB can maintain accumulation at this level, which could rekindle investor interest. 

A decline toward the $0.000021 level, on the other hand, could deter additional accumulation and send the asset into a bearish phase, if this crucial support zone is not held. SHIB’s capacity to sustain a strong accumulation zone underscores its potential for a recovery even in the face of its present stagnation.

A price breakout or additional consolidation may result from this accumulation depending on the state of the market as a whole and the asset’s capacity to recover bullish momentum.