Shiba Inu holders withdraw 1.7 trillion SHIB tokens from exchange

Price of Shiba Inu retraces after testing weekly resistance.
On-chain data reveals SHIB's exchange outflow surge and inactive wallets moving, which is optimistic.

A weekly candlestick closing below $0.000019 would disprove bullishness.

After falling almost 5% the week before, Shiba Inu (SHIB) trades marginally higher at $0.000024 on Thursday. As investors consolidate recent losses and inactive wallets move, SHIB's on-chain measures indicate a comeback.

On dips, Shiba Inu investors buy.
Shiba Inu pricing is correcting after rising over 50% in early November. On-chain analytics indicate an optimistic outlook. Exchange outflow data from Santiment indicates a huge jump, suggesting 1.67 trillion SHIB worth roughly $41 million was removed. MEME surged heavily after SHIB had a similar exchange outflow rise.


Santiment's Age Consumed indicator supports the positive forecast. Spikes in this indicator indicate dormant tokens (long-held tokens) are moving and may be used to detect short-term local tops or bottoms.

History suggests that meme coin values rallied after surges for Shiba Inu. The latest rise on November 14 also predicted an upswing for SHIB.

In the second week of November, Shiba Inu price fell more than 5% following resistance at $0.000028. Weekly resistance and the 50% price retracement level (from a March high of $0.000045 to an August low of $0.000010) are at $0.000028, making it a major resistance zone. This week, the downturn continues at $0.000023.

Breaking and closing above $0.000028 will push Shiba Inu back to its end-March weekly high of $0.000032.

The weekly chart's RSI is 59, above its neutral level of 50, suggesting positive momentum.


SHIB will resume its drop to retest the weekly low of $0.000016 if it closes below $0.000019 weekly support.

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