3.3 trillion SHIB (Shiba Inu) leaving exchanges, is it whales buying?
SHIB spot inflow/outflow metrics indicate that exchanges have witnessed a massive outflow of 3.3 trillion SHIB tokens, worth over $93.3 million. This large outflow reflects the growing interest of whales in the meme token.
In the cryptocurrency industry, the term "outflow" refers to assets moving from exchanges to wallets, indicating potential upward momentum and signaling buying opportunities. Additionally, whenever the outflow increases, it reduces selling pressure and the likelihood of asset price declines.
Technical analysis of SHIB further supports these bullish on-chain indicators. According to experts' technical analysis, SHIB appears to be gaining upward momentum as it currently struggles near a key support level of the inclined trend line.
Historically, whenever meme coins reach this support level, they tend to experience upward momentum, and experts speculate a similar rebound could occur in the coming days.
Based on recent price trends, if SHIB stays above $0.000025, it is likely to surge 40% in the coming days, reaching a level of $0.000039.
On a positive note, SHIB's Relative Strength Index (RSI) is currently close to 52, below 70, indicating it is not in the overbought territory. This suggests that the asset has sufficient upward potential in the coming days.
Currently, SHIB is trading at approximately $0.00002838, having fallen over 2.50% in price over the past 24 hours. During the same period, its trading volume dropped by 30%, indicating a decrease in trader and investor participation compared to the previous day.
