Shiba Inu (SHIB) has made headlines this October as bullish sentiment returns to the crypto space. On October 16, a remarkable wave of purchases by SHIB bulls saw them acquiring a staggering 2.95 trillion tokens, valued at approximately $53 million. This significant buy volume accounted for 1% of the token’s 24-hour trading activity, marking a pivotal moment in the recent price recovery for the beloved meme coin.
On-Chain Activity Sparks Renewed Interest
According to data from IntoTheBlock, these purchases occurred at an average price of $0.00008 per token, reflecting a growing interest among market participants. This surge is not just a random blip; it represents about 0.5% of Shiba Inu’s circulating supply, signaling a robust appetite for the asset. Coupled with this buying frenzy was a simultaneous increase in sell volume, with bears offloading 2.86 trillion tokens worth $51.4 million. Despite this selling pressure, the excess demand amounted to 81.41 billion SHIB tokens, highlighting the underlying bullish sentiment driving the recent market activity.
A Sustained Bullish Momentum
The bullish momentum has been building since October 12, culminating in a 1.92% intraday gain for SHIB on October 16. This upswing allowed the token to close above the critical psychological threshold of $0.000018, a level that has been significant for investors. The resilience of SHIB bulls during this period is evident, as the token not only rebounded from an early October low of $0.00001605 but has also maintained higher lows since September, indicating a solid bullish trend.
As of October 18, SHIB was trading at $0.00001880, reflecting a 7.29% increase for the month. The bullish outlook now points toward the $0.000019 price range, with eyes set on further resistance levels at $0.00002077, $0.00002299, and $0.00002657. However, investors remain cautious; the $0.00001719 pivot level acts as crucial support. A drop below this threshold could signal a trend reversal, adding an element of volatility to the market.
Also Read: Shiba Inu Surges 2.7% To $0.000018 – Bullish Inverted H&S Signals 48% Potential Rally!
Resistance and Future Outlook
IntoTheBlock’s GIOM metric highlights that Shiba Inu’s toughest resistance lies between $0.000024 and $0.000030. In this range, 145,780 addresses collectively hold a whopping 48.58 trillion SHIB tokens. For the bulls to break through this formidable barrier, an uptick in buying volume will be essential.
October has flipped green for Shiba Inu, driven by bullish investors eager to capitalize on recent market dynamics. The resurgence of SHIB activity illustrates the cryptocurrency’s ongoing appeal, especially within the vibrant meme coin sector. As bullish sentiment persists and buying pressure increases, Shiba Inu investors remain optimistic about the token’s future performance. However, the market remains vigilant, watching for any signs of weakness as SHIB navigates through these pivotal resistance levels. The journey is far from over, and the Shiba Inu community is prepared for whatever lies ahead.
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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