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Shiba Inu Bulls Gain Ground as SHIB Eyes $0.000025 Amid $3M in Excess Demand
Shiba Inu Bulls Gain Ground as SHIB Eyes $0.000025 Amid $3M in Excess Demand
January 17, 2025
Shiba Inu
Shiba Inu has experienced significant interest over the past 24 hours, with bulls currently in a favorable position.
After approximately one month of market uncertainty, crypto assets seem to be regaining stability as anticipation builds for President-elect Donald Trump’s inauguration.
Among the assets attracting considerable interest from traders during this recovery is the dog-themed cryptocurrency Shiba Inu (SHIB). Recent data indicates that the token has garnered substantial attention, with bulls appearing to dominate as it approaches a critical level.
Shiba Inu (SHIB) Bulls Show Dominance
Shiba Inu (SHIB) has witnessed significant interest in the last 24 hours, with bulls in control, according to IntoTheBlock’s Bulls and Bears volume indicator.
The Bulls and Bears volume indicator tracks the trading volume from addresses that bought or sold more than 1% of the day’s trading volume, categorizing buyers as bulls and sellers as bears.
SHIB Bulls and Bears volume chart Source IntoTheBlock
According to the data, these market participants traded an impressive 13.04 trillion SHIB combined on Thursday, January 16, valued at $313 million at the time of writing. Bulls, however, outperformed bears with 140.24 billion SHIB worth $3.4 million.
Interestingly, this trend seems to have been developing since January 10, coinciding with the token’s 14% rally over the past seven days, rising from the $0.000021 price level to approximately $0.000024 at the time of writing.
This movement stands in contrast to the last time the token experienced a similar level of interest between December 11 and December 16, when it fell 7% from about $0.000029 to lows around $0.000027 amid uncertain market conditions.
Amid the recent rally and heightened interest, SHIB now appears poised to challenge a key resistance level at $0.000025. On Thursday, market analyst “CryptoRoy” asserted that a breakthrough above this level would enable the token to reclaim recent highs of $0.000033.
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