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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 control.
After approximately one month of market uncertainty, cryptocurrency assets seem to be regaining stability as anticipation builds for President-elect Donald Trump’s inauguration. Among the assets attracting notable interest from traders during this recovery is the dog-themed cryptocurrency Shiba Inu (SHIB). Recent data indicates that the token has garnered considerable attention, with bulls seemingly prevailing as it approaches a critical price level.
Shiba Inu (SHIB) Bulls Show Dominance
Shiba Inu (SHIB) has witnessed significant interest over the past 24 hours, with bulls in control, according to IntoTheBlock’s Bulls and Bears volume indicator.
The Bulls and Bears volume indicator tracks the volume traded by addresses that bought or sold over 1% of the day’s trading volume, with bulls representing the buyers and bears representing the sellers.
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, outpaced bears with 140.24 billion SHIB worth $3.4 million.
Interestingly, this trend seems to have been building since January 10, coinciding with the token’s 14% rally over the past week, rising from the $0.000021 price level to around $0.000024 at the time of writing.
This movement contrasts with the last time the token experienced a similar level of interest between December 11 and December 16, when it fell 7% from approximately $0.000029 to lows near $0.000027 amidst uncertain market conditions.
In light of the recent rally and interest, SHIB now appears poised to challenge a key resistance level at $0.000025. On Thursday, market analyst “CryptoRoy” asserted that a breakout above this level would allow the token to reclaim recent highs of $0.000033.
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