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Dog-themed cryptocurrency Shiba Inu (SHIB) made multiple attempts at breaching the $0.00001 level last week, which would erase, or "kill," a zero from the SHIB price.
However, the bulls were only able to reach highs of $0.00001005 before facing rejection. At the time of writing, Shiba Inu bulls are making another attempt to break the $0.00001 barrier, which has yet to provide the expected results, with prices hitting intraday highs of $0.00000996 instead.
At the time of writing, SHIB was trading below the $0.00001 mark, up 0.38% in the last 24 hours to $0.000009842.
Tomiwabold OlajideHowever, as the dog-themed cryptocurrency aims for a major price breakthrough, it finds itself confronted with a formidable obstacle: a gargantuan 615 trillion SHIB barrier.
According to IntoTheBlock data, SHIB faces a huge resistance barrier in the range of $0.000010 and $0.000027, where 404,100 addresses bought 615.41 trillion SHIB tokens at an average price of $0.000016.
This means that SHIB needs to overcome the selling pressure from these investors, who are currently underwater in their positions and may want to break even or cut their losses.
If SHIB can break above this barrier, it could potentially spike by 200% and target the $0.000037 to $0.000055 range, where the next major resistance lies.
However, this scenario is contingent on several factors, including overall market sentiment.
The SHIB price recovered from Saturday's sell-off lows of $0.0000094. The buying drove prices to a high of $0.00000996 in early Tuesday trading before falling.
In the last 24 hours, large transaction volume, which is indicative of whale activity, spiked 143.14%, with $24.25 million worth of transactions valued at over $100,000.
Alex Dovbnya
Valeria Blokhina
Vladislav Sopov
Dan Burgin
U.Today Editorial Team