Shiba Inu (SHIB) faces a crucial challenge to its price: not adding another zero. During the week, the market saw a surge driven by enthusiasm over the approval of a Bitcoin ETF in the United States.
Shiba Inu (SHIB) faces a crucial challenge to its price: not adding another zero. During the week, the market saw a surge driven by enthusiasm over the approval of a Bitcoin ETF in the United States.
Shiba Inu was not left out of the positive market action, recording four consecutive days in the green after prices rose from $0.0000085 on January 8. On three of the four days, Shiba Inu traded above $0.00001.
However, as the initial euphoria faded, the market reversed direction and several cryptocurrencies, including SHIB, are currently trading in the red.
The real battle then comes for the bulls: will they protect the $0.00001 level from the invasion of the bears?
The fact that SHIB price has moved in and out of this key level on several occasions could suggest a fierce fight between bulls and bears.
Shiba Inu is currently at $0.00001, with a small downward movement pushing SHIB to add another zero to its price. SHIB is down 1.27% in the last 24 hours to $0.00001008 at the time of writing.
122 trillion SHIB at stake
Onchain Analytics firm data In the block offers a scenario of what is happening with the price of SHIB.
IntoTheBlock’s Global In/Out of the Money groups all address positions into groups based on the number of addresses (or volumes) that had previously been purchased in a certain price range. With this, users can get a better idea of the buying or selling pressure in a certain price range.
According to the Global Money In/Out Indicator, 103,420 addresses purchased 122.37 trillion SHIB at an average price of $0.000010, which is approximately where SHIB is currently trading.
Taking this into account and the huge amount of SHIB bought in this range, the bulls seem to be fighting tooth and nail to prevent SHIB from losing the $0.00001 level and thus adding an extra zero to its price.
In case the bulls’ effort to save this level is unsuccessful, SHIB would find the next support at $0.000009, where 185,880 addresses bought 110.52 billion SHIB.
