Shiba Inu Bulls Seize 2.95T Tokens, October Turns Optimistic Green

SHIB bulls bought 2.95 trillion tokens worth $53 million, driving a recovery and flipping October green.
Despite rising sell volumes, excess demand of 81.41 billion SHIB supported bullish momentum.
SHIB gained 7.29% in October, with key resistance between $0.000024 and $0.000030.

Shiba Inu (SHIB) bulls have made a strong comeback, purchasing a significant amount of the dog-themed token and flipping October into the green. On-chain data from IntoTheBlock confirms that on October 16, SHIB bulls, accounting for 1% of the 24-hour trading volume, procured a massive 2.95 trillion SHIB tokens. Valued at $53 million, these purchases occurred at an average price of $0.00008 per token. This wave of activity reflects the bullish sentiment driving the recent price recovery for Shiba Inu.

The purchase volume on October 16 accounts for approximately 0.5% of Shiba Inus circulating supply. Such a surge in buy volume often signals growing interest from market participants, adding fuel to the tokens bullish momentum. Interestingly, the same day also saw sell volume rise, with SHIB bears selling 2.86 trillion tokens worth $51.4 million. Despite this, the excess demand on the buying side amounted to 81.41 billion SHIB, reinforcing the positive sentiment.

In fact, this bullish momentum had been building for five consecutive days, starting on October 12. The increased buying pressure has been pivotal in sustaining the recovery, pushing SHIB to an intraday gain of 1.92% on October 16. The token eventually closed above $0.000018, a crucial psychological level for Shiba Inu investors.

Bullish investors acquired 2.95 trillion SHIB tokens valued at $53 million, contributing to the upward trend. This was bolstered by an excess demand of 81.41 billion SHIB tokens compared to sell volume from bears. As a result, SHIB closed above $0.000018, maintaining its bullish momentum.

October Flips Green for Shiba Inu

October began with volatility for Shiba Inu, as the token dropped nearly 9% in the first three days of the month, hitting a bottom of $0.00001605 on October 10. However, SHIB bulls quickly mounted support at this level, leveraging an ascending trend line to fuel a rebound. Since September, Shiba Inu has consistently maintained higher lows, suggesting that bullish momentum is firmly in place.

As of October 18, SHIB is trading at $0.00001880, marking a 7.29% increase for the month of October. The bulls now eye the $0.000019 price territory, with further resistance levels looming at $0.00002077, $0.00002299, and $0.00002657. On the downside, the $0.00001719 pivot level serves as crucial supportany breach below this could flip the trend to bearish.

IntoTheBlocks GIOM metric reveals that Shiba Inu faces its toughest resistance between $0.000024 and $0.000030, where 145,780 addresses hold 48.58 trillion SHIB tokens. For Shiba Inu to break through this level, an increase in buy volume will be essential to support further price gains.

Text source: TronWeekly

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