Although Shiba Inu's price has had some small fluctuations recently, there have been quite a few good news on-chain.
Data shows that the amount of SHIB flowing out of exchanges is rising sharply, and those wallets that have been inactive for a long time are also starting to show activity. It feels like the market is about to surge!
Of course, if this week's closing price falls below $0.000019, the bulls may start to sweat.
But looking at it now, SHIB's price stayed steadily around $0.000024 on Thursday. Although it dropped over 5% last week, investors seem not to care about this small pullback and are keenly looking for opportunities to buy at low prices, and the on-chain data supports this.
Shiba Inu coin investors are looking for opportunities to buy at the bottom.
SHIB had a fierce rise before, exceeding 50%, but then the price slightly pulled back. However, on-chain analysis tells us that everyone's sentiment is still leaning towards growth. Data shows that 1.67 trillion SHIB have been withdrawn from exchanges.
Based on past experience, whenever SHIB flows out of exchanges in large quantities, its price often follows suit and rises.
The Age Consumed index also supports the view that SHIB is about to rise. When this index is high, it indicates that SHIB in long-term dormant wallets is starting to move, which is usually a signal for a market reversal.
For Shiba Inu, every big increase is usually followed by a pullback, but often a new rise follows after the pullback. It seems like SHIB is about to start a new round of increases.
Shiba Inu price prediction: Expected to welcome a rebound.
Shiba Inu surged to $0.000028 in the second week of November but then dropped over 5%. This position is exactly the weekly resistance level and also the 50% retracement level, which is quite critical. The price is currently around $0.000023, still in a pullback.
But if Shiba Inu can break through the barrier of $0.000028 and stabilize, it may continue to surge and challenge the high point of $0.000032 at the end of March again.
From the relative strength index on the weekly chart, it is now at 59, which is higher than the neutral line of 50, indicating that the upward momentum is getting stronger.
However, if Shiba Inu continues to pull back and falls below the weekly support level of $0.000019, it may need to test the bottom again, and the price could drop to the weekly low of $0.000016.
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