Shiba Inu (SHIB) is experiencing significant interest from traders, with bullish momentum suggesting the potential to reach a key price level.
Growing Interest in Shiba Inu
After a period of market uncertainty, crypto assets are regaining their footing. Shiba Inu (SHIB), the dog-themed cryptocurrency, is drawing substantial trader interest due to its increasing demand. This surge in interest is bolstered by the anticipation of President-elect Donald Trump's inauguration, which has driven a broader market recovery.
Bullish Market Dominance
The Bulls and Bears Volume indicator from IntoTheBlock revealed that SHIB demonstrated significant bullish dominance on January 17 over a 24-hour period. This indicator measures the volume traded by market participants who buy or sell more than 1% of the daily volume.
On Thursday, January 16, the total trading volume reached an impressive 13.04 trillion SHIB, valued at $313 million. Bulls took the lead, accounting for 140.24 billion SHIB, valued at $3.4 million.
Historical Parallels and Recent Growth
The increased interest in SHIB began on January 10, leading to a 14% price surge over the past seven days. The price climbed from $0.000021 to approximately $0.000024. This growth contrasts with a December period when SHIB experienced a similar level of interest but dropped by 7% to $0.000027.
Testing Key Resistance Levels
SHIB is now approaching a critical resistance level at $0.000025, which it could soon surpass. Market analyst CryptoRoy noted that breaking through this barrier could pave the way for SHIB to retest its recent highs at $0.000033.
If this upward momentum continues, Shiba Inu could solidify its position in the market and attract even more traders.
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