- Shiba Inu is nearing its $0.00001150 support level, a zone that’s sparked rebounds in past months.
- Exchange reserves have fallen to a two-year low, hinting at reduced selling pressure.
- October has historically been a strong month for SHIB, adding to bullish expectations.
Shiba Inu is once again drifting toward a level that has historically acted as a lifeline for the token. Sitting around $0.00001170, the meme coin is creeping closer to the $0.00001150 support zone, a price floor that in the past has sparked strong rebounds. Traders are watching closely, wondering if this familiar pattern will repeat or if SHIB could slip lower this time.
Testing the Waters at $0.00001150
The $0.00001150 mark isn’t just another random number on the chart—it has been a proven rebound point. Back in March, the token dipped into this range before bouncing back up to $0.000014. April brought a similar move, with SHIB climbing to $0.00001550 after touching this support. Even in June, when markets were shaky, Shiba Inu managed to recover and push higher toward $0.00001570 by July. Each time, the pattern added fuel to the idea that this support level carries weight. Now, with prices drifting toward it again, many are waiting to see if history has another encore.
Exchange Reserves Hit a Two-Year Low
Adding another twist to the setup, SHIB’s exchange reserves are dropping fast. Data shows that holdings on exchanges have fallen to just 84.34 trillion tokens, the lowest in over two years. That’s a sign of reduced selling pressure, since fewer tokens are sitting around ready to be dumped on the market. This shift could ease fears of a sharp breakdown, giving bulls more confidence that SHIB might hold steady—or even push higher—once it hits that critical support.
October’s Track Record Could Play a Role
There’s also a seasonal factor at play. October has historically been a strong month for Shiba Inu. The token has delivered impressive gains in October 2021, 2022, 2023, and 2024, with the most eye-catching surge being an 833% rally back in October 2021. While past performance doesn’t guarantee the future, the trend adds another layer of optimism for investors hoping that SHIB’s bounce from support will turn into something bigger.
