The dog-themed cryptocurrency Shiba Inu (SHIB) has steadily increased in value over the past week. The rise pushed SHIB price above the daily MA 50 barrier at $0.00000947, which had held it back since mid-January.
The dog-themed cryptocurrency Shiba Inu (SHIB) has steadily increased in value over the past week. The rise pushed SHIB price above the daily MA 50 barrier at $0.00000947, which had held it back since mid-January.
As the bulls moved higher, Shiba Inu made good attempts to break above the $0.00001 level, which would erase or “kill” a zero from the SHIB price. SHIB price reached highs of $0.00001005 on February 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 clear a zero, it must overcome a major challenge: a SHIB level of 151 trillion that lies between the range of $0.000010 and $0.000013.
This level represents a strong resistance zone, where a large number of sellers could emerge and drive the price lower.
According to chain data In the blockMore than 239,300 addresses hold 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 billion token level, bulls are preparing for what could be a monumental showdown. A breakthrough would mark a substantial achievement for SHIB holders and could potentially contribute to further price appreciation.
Shiba Inu has recently risen along with the cryptocurrency market, a factor that could boost the price of SHIB in the coming days. With Bitcoin and Ethereum recently hitting new highs, investors could turn their attention to smaller 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. It remains to be seen whether SHIB will be able to overcome this hurdle and embark on a new bull cycle.
