u.today
The dog-themed cryptocurrency Shiba Inu (SHIB) has been steadily rising in value over the last week. The surge caused the SHIB price to break beyond the daily MA 50 barrier at $0.00000947, which had held it back since mid-January.
As bulls surged higher, Shiba Inu made good attempts at breaching the $0.00001 level, which would erase or "kill" a zero from the SHIB price. The SHIB price touched highs of $0.00001005 on Feb. 15 and 16 before facing rejection. At the time of writing, SHIB had returned below the $0.00001 mark, down 3.37% to $0.00000966.
But before SHIB can successfully erase a zero, it must overcome a significant challenge: a 151 trillion SHIB level that lies in between the range of $0.000010 and $0.000013.
This level represents a strong resistance zone, where a large number of sellers might emerge and drive the price lower.
According to on-chain data from IntoTheBlock, over 239,300 addresses own 151.49 trillion SHIB at an average price of $0.000011, between $0.000010 and $0.000013.
This means that these investors are currently underwater and may be tempted to sell their SHIB to break even or reduce their losses. As a result, SHIB bulls will need to resist selling pressure and absorb supply to break above this level.
As SHIB approaches the crucial 151 trillion token level, bulls are gearing up for what could be a monumental showdown. A breakthrough would mark a substantial achievement for SHIB holders and could potentially aid further price appreciation.
Shiba Inu has climbed in tandem with the crypto market recently, a factor that might boost the SHIB price in the days ahead. With Bitcoin and Ethereum recently reaching fresh highs, investors might shift their attention to lesser caps in search of substantial returns.
As SHIB prepares for a potential showdown at the 151 trillion Shiba Inu barrier, the cryptocurrency community watches with bated breath. Whether SHIB can overcome this hurdle and embark on a new bullish cycle remains to be seen.