In an impressive display of bullish sentiment, Shiba Inu (SHIB) bulls have made headlines by accumulating a staggering 2.95 trillion SHIB tokens in a single day. According to data from the on-chain intelligence platform IntoTheBlock, this remarkable buy volume occurred on October 16, translating to a value of approximately $53 million at an average price of $0.00008 per token. This significant movement represents about 0.5% of Shiba Inu’s circulating supply, signaling a notable uptick in market interest and potential support for bullish momentum.
Market Dynamics – Bulls vs. Bears
While the buy volume was impressive, the selling side was not far behind. On the same day, bears—defined as addresses that sold up to 1% of the 24-hour trading volume—offloaded around 2.86 trillion SHIB, worth $51.4 million. However, the overwhelming interest from buyers eclipsed the selling pressure, resulting in an excess demand of 81.41 billion SHIB. This trend builds upon a positive momentum observed the day prior, which recorded an excess demand of 201 billion tokens.
Notably, the bulls have held the upper hand in the Shiba Inu market for five consecutive days leading up to October 16, propelling the price upward and contributing to an intraday gain of 1.92%, closing the day above $0.000018. The sustained buying effort reflects a shift in market dynamics that could lead to further gains in the near future.
October’s Green Recovery
October has proven to be a pivotal month for Shiba Inu, particularly following a dip to $0.00001605 on October 10. The support established at this low has facilitated a rebound, with the price consistently maintaining higher lows since mid-September. Despite fluctuations between red and green days, the overall trend appears bullish, as evidenced by a 3.46% increase recorded this morning.
Currently trading at approximately $0.00001880, Shiba Inu bulls face crucial support at the $0.00001719 pivot level. A breach below this level could signal a shift toward bearish momentum. Conversely, on the upside, the first resistance point sits at $0.00002077, with further obstacles at $0.00002299 and $0.00002657.
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The IntoTheBlock GIOM (Global In/Out of the Money) metric indicates that Shiba Inu may encounter significant resistance in the $0.000024 to $0.000030 range, where 145,780 addresses hold approximately 48.58 trillion tokens. Should buying volume continue to increase, the bulls may have a fighting chance to overcome this formidable barrier.
What Lies Ahead for SHIB?
As Shiba Inu’s recent surge continues to gain traction, the combined effects of elevated buy volumes and bullish market sentiment present a promising outlook for the meme coin. With traders closely monitoring key support and resistance levels, the next few days could be crucial in determining the trajectory of SHIB. As the crypto market evolves, all eyes will be on Shiba Inu to see if it can maintain its momentum and break through its resistance levels, potentially opening the door to new heights for its passionate community of investors.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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