Shiba Inu (SHIB), a dog-themed cryptocurrency, has seen its value gradually rise over the previous week. The spike pushed the SHIB price beyond the daily MA 50 barrier of $0.00000947, which had held it back since mid-January.
As bulls raced higher, Shiba Inu made strong attempts to cross the $0.00001 mark, which would remove or “kill” a zero off the SHIB price. The SHIB price reached highs of $0.00001005 on February 15 and 16, before being rejected. At the time of writing, SHIB had fallen below $0.00001, dropping 3.37% to $0.00000966.
But before SHIB can properly erase a zero, it must first overcome a tremendous challenge: a 151 trillion SHIB level somewhere between $0.000010 and $0.000013.
This level signifies a strong resistance zone, where a significant number of sellers might appear and force the price down.
According to on-chain statistics from IntoTheBlock, over 239,300 addresses hold 151.49 trillion SHIB at an average price of $0.000011, ranging from $0.000010 to $0.000013.
This indicates that these investors are now underwater and may be tempted to sell their SHIB in order to break even or cut their losses. As a result, SHIB bulls will have to defy selling pressure and absorb supply in order to break above this level.
As SHIB approaches the critical 151 trillion token threshold, bulls prepare for what might be a historic confrontation. A breakthrough would be a significant success for SHIB holders and might potentially lead to additional price growth.
Shiba Inu prices have lately risen alongside the cryptocurrency market, which may enhance the SHIB price in the coming days. With Bitcoin and Ethereum lately reaching new highs, investors may move their focus to smaller companies in quest of higher profits.
As SHIB prepares for a probable clash at the 151 trillion Shiba Inu barrier, the cryptocurrency community waits with anticipation. It remains to be seen whether SHIB will overcome this obstacle and enter a new bullish cycle.
