Shiba Inu has experienced notable interest in the last 24 hours, with bullish sentiment prevailing.
Following approximately a month of market volatility, cryptocurrency assets seem to be regaining stability as anticipation grows for the inauguration of President-elect Donald Trump.
Among the cryptocurrencies attracting considerable attention during this recovery phase is Shiba Inu (SHIB), a dog-themed token. Recent analytics indicate that this asset has garnered significant interest, with bullish traders appearing to dominate as it nears a critical threshold.
Shiba Inu (SHIB) Bulls Exhibit Strength
In the past 24 hours, Shiba Inu (SHIB) has attracted substantial interest, with bullish traders taking the lead, according to IntoTheBlock’s Bulls and Bears volume indicator.
This indicator monitors the trading volume from addresses that account for over 1% of the daily trading activity, categorizing participants as bulls (buyers) and bears (sellers).
On Thursday, January 16, market participants collectively traded an impressive 13.04 trillion SHIB, amounting to $313 million at the time of reporting. Notably, bulls outperformed bears, trading 140.24 billion SHIB valued at $3.4 million.
This upward trend seems to have been developing since January 10, coinciding with a 14% increase in the token's value over the past week, rising from the $0.000021 mark to approximately $0.000024 as of the current report.
This situation stands in contrast to the previous period of heightened interest from December 11 to December 16, during which the token experienced a 7% decline from around $0.000029 to lows near $0.000027, amid a backdrop of market uncertainty.
In light of the recent rally and growing interest, SHIB appears poised to test a significant resistance level at $0.000025. On Thursday, market analyst “CryptoRoy” indicated that a breakthrough above this threshold could enable the token to reclaim recent highs of $0.000033.
Disclaimer: This content is for informational purposes only and should not be interpreted as financial advice. The opinions expressed in this article may reflect the author's personal views and do not necessarily represent those of The Crypto Basic. Readers are advised to conduct comprehensive research prior to making any investment decisions. The Crypto Basic disclaims any responsibility for financial losses incurred.
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