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Renowned crypto analyst Coinvo recently highlighted that Shiba Inu is approaching a critical level.
Despite stating that Shiba Inu was nearing a “major resistance level,” the accompanying chart suggests otherwise. In the chart, the analyst highlighted $0.00001150 as a critical support level for Shiba Inu this year.
Each time $SHIB reached this point, buying pressure usually emerged, countering the sell-off and preventing deeper declines. The chart reveals that in March, after hitting this level, $SHIB rebounded to approximately $0.000014 before correcting.
However, if support fails to hold, Shiba Inu investors may experience accelerated sell-offs, paving the way for deeper corrections. At the time of Coinvo’s analysis, $SHIB was trading at around $0.00001170. It has rebounded slightly to $0.00001190, reflecting a 24-hour increase of 0.68%.
Selling Pressure Concerns Ease As Exchange Reserves Hit 2-Year Low
Interestingly, concerns about potential sell-offs have eased following reports that $SHIB’s exchange reserves have fallen sharply. It recently hit a two-year low of 84.49 trillion tokens. At the time of writing, the figure had dropped further to 84.34 trillion $SHIB.
This decline suggests reduced selling pressure, as fewer tokens are available on exchanges, potentially lowering the risk of Shiba Inu breaking below the $0.00001150 support level.
Bullish Expectations for October
Meanwhile, Shiba Inu community analyst Shib Spain speculated that the long-anticipated altcoin season could begin this month.
UPTOBER IS COMING 🚀#Altseason pic.twitter.com/R7jV6zOB7q
— Shib Spain (@ShibSpain) September 28, 2025
October has historically been a strong month for $SHIB, with the token recording gains of 833% in 2021, 10.4% in 2022, 6.04% in 2023, and 2.46% in 2024. As October 2025 gets underway, Shiba Inu has already climbed 0.56% within the first few hours of the month.
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