Shiba Inu has seen significant interest over the past 24 hours, with bulls having the upper hand.
After roughly one month of market uncertainty, crypto assets appear to be finding their footing again as anticipation builds for President-elect Donald Trump‘s inauguration.
Among the assets seeing significant interest among traders in this recovery is the doggy-themed crypto Shiba Inu (SHIB). Recent data suggests that the token has been seeing considerable interest, with bulls seemingly having the upper hand as it approaches a key level.
Shiba Inu (SHIB) Bulls Show Dominance
Shiba Inu (SHIB) has seen significant interest over the past 24 hours, with bulls having the upper hand, per 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 trading volume on the day, with bulls being the buyers and bears being the sellers.
SHIB Bulls and Bears volume chart Source IntoTheBlock
According to the data, these market participants traded a staggering 13.04 trillion SHIB combined on Thursday, January 16, worth $313 million at the time of writing. Bulls, however, edged out bears with 140.24 billion SHIB worth $3.4 million.
Interestingly, this trend appears to have been building up since January 10, aligning with the token’s 14% rally over the past seven days from the $0.000021 price level to around $0.000024 at the time of writing.
The move contrasts with the last time the token experienced this level of interest between December 11 and December 16, when it dropped 7% from about $0.000029 to lows near $0.000027 amid uncertain market conditions.
Amid the recent rally and interest, SHIB now appears to be getting set to challenge a key resistance at $0.000025. On Thursday, market analyst “CryptoRoy” asserted a break above this level would allow the token to retake recent highs of $0.000033.
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