Bulls are disappointed as the dog-themed cryptocurrency Shiba Inu (SHIB) has seen another zero added to its price. As of this writing, SHIB had dropped 3.23% to $0.0000097 over the previous day.
Early in yesterday’s trade, Shiba Inu maintained its above $0.00001 level; U.Today said that bulls worked tirelessly to prevent SHIB from breaking this level and subsequently raising the price tag by one zero.
But when the bears entered the market, the attempt of the Shiba Inu bulls came to a standstill. After the excitement around this week’s approval of the Bitcoin ETF gave way to a major sell-off, Bitcoin (BTC) plummeted sharply, over 10%.
Shiba Inu also had a decline, going from highs of $0.0000103 to $0.0000093 and then somewhat rising to its current trading position.
During this process, SHIB dropped below the critical $0.00000983 daily MA 50 support level once more. Bulls may target the $0.000011 level if SHIB regains this level and goes on to retest the $0.0000105 level once again.
In contrast, the price of SHIB has recovered twice in January from $0.0000085, suggesting that this level serves as a significant support. SHIB may next aim for the $0.0000839 level, which corresponds with the daily MA 200, if this is broken.
Shiba Inu whales unrelenting
Shiba Inu whales appear to be waking up and entering the market as Shiba Inu tries to remove the additional zero off its price tag.
Data from IntoTheBlock indicates that Shiba Inu’s substantial transaction volume increased by 11.69% over the previous day. The volume of big transactions, or those that are valued at more over $100,000, is 7.12 trillion SHIB. This equated to $72.16 million in monetary terms.
Spikes for this type of transaction often show an increase in whale activity, whether they are purchasing or selling.
