A significant obstacle for Shiba Inu (SHIB) in terms of pricing is to avoid adding another zero. The market saw a spike over the week, driven by anticipation around the US government’s approval of a Bitcoin ETF.
Not to be left out of the market’s good movement, Shiba Inu posted four days in a row of positive results following prices’ rally from $0.0000085 on January 8. On three of the four days, Shiba Inu traded over $0.00001.
But as soon as the initial excitement subsided, the market turned south, and a number of cryptocurrencies—including SHIB—are currently trading lower.
The bulls’ true test will then be whether they can keep the $0.00001 level safe from the bears’ incursion.
The SHIB price’s repeated ins and outs of this crucial level might indicate a furious battle between bulls and bears.
Right now, Shiba Inu is trading at $0.00001; a slight decline is pushing SHIB to add a further zero to its price. As of writing, SHIB was down 1.27% over the previous day at $0.00001008
122 trillion SHIB at play
Information provided by the Onchain Analytics company IntoTheBlock provides a situation regarding the SHIB pricing.
The Global In/Out of the Money feature of IntoTheBlock clusters the locations of all addresses according to the quantity of addresses (or volumes) that were previously purchased within a specific price range. Users may use this to better understand the urge to purchase or sell in a certain price range.
The Global In/Out of the Money Indicator shows that 103,420 addresses bought 122.37 trillion SHIB at an average price of $0.000010, or around where SHIB is now trading.
In light of this and the massive amount of SHIB purchased in this price range, bulls seem to be battling mightily to prevent SHIB from dropping below the $0.00001 mark and gaining an additional zero on its price.
Should the bulls fail in their attempt to hold this level, SHIB would find the next level of support around $0.000009, where 185,880 addresses purchased 110.52 trillion SHIB.
