Shiba Inu (SHIB) Flips October into the Green as Bulls Acquire 2.95 Trillion SHIB Tokens

Shiba Inu (SHIB) bulls have made a strong comeback, purchasing a significant amount of the dog-themed token and flipping October into the green.

Shiba Inu (SHIB) bulls showcased their strength on October 16, purchasing a massive 2.95 trillion SHIB tokens, as revealed by on-chain data from IntoTheBlock. These purchases, made by entities accounting for 1% of the 24-hour trading volume, were valued at $53 million and occurred at an average price of $0.00008 per token.

This wave of buying activity, reflecting the bullish sentiment, pushed SHIB to an intraday gain of 1.92%. The token rallied throughout the day, eventually closing above $0.000018—a crucial psychological level for Shiba Inu investors.

The buying volume on October 16 signaled strong demand, with SHIB bulls purchasing 2.95 trillion tokens. This volume amounted to roughly 0.5% of Shiba Inu’s circulating supply. Such a surge in buy volume often indicates growing interest from market participants, adding fuel to the token’s bullish momentum.

Interestingly, October 16 also saw an increase in selling activity, with SHIB bears selling 2.86 trillion tokens, valued at $51.4 million. Despite this, the excess demand on the buying side was significant, totaling 81.41 billion SHIB, reinforcing the positive sentiment.

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.

Shiba Inu’s October Price Action

After a volatile start to October, with SHIB dropping nearly 9% in the first three days, hitting a bottom of $0.00001605 on October 10, the bulls stepped in to quickly support the token at this level.

A pivot point at $0.00001719 acted as a key support zone, with SHIB bouncing off this level twice in the past, encountering resistance at $0.000024 and $0.000030.

As of October 18, SHIB is trading at $0.00001880, showing 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 support—any breach below this could flip the trend to bearish.

IntoTheBlock’s 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.

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