Analysts Expect Bullish Indicators as SHIB Holders Remove 5.45 Trillion Tokens from Exchanges
Contents
Analysts Look for Bullish Indicators
Is a Potential Rally Coming?
It is Important for SHIB Holders to Protect Their Positions
Is SHIB Poised to Explode Soon?
Amidst the recent bull run, while other cryptocurrencies have seen impressive gains in recent weeks, the price of Shiba Inu has been discouraging. SHIB has only gained 35% in the last four weeks. However, Dogecoin has gained 143% in the same period and PEPE has seen an impressive 105% monthly gain.
Analysts Look for Bullish Indicators
In particular, analysts are watching for indicators that could herald a significant move for SHIB in the coming days. Technical analyst Cantonese Cat believes that SHIB is on the verge of breaking above the weekly Ichimoku Cloud. This could signal the start of a strong uptrend after a long period of stagnant price action.
https://twitter.com/cantonmeow/status/1861954547159118069
Analysis suggests that if broken, Shiba Inu could surpass the immediate resistance level of $0.00003100, which could pave the way for a move towards the $0.000037 region seen in March.
Additionally, Shiba Inu could target a yearly high of $0.000045 and potentially reclaim previous highs in 2021 and eventually prepare to reach a new all-time high.
Other analysts have also shared optimistic views on the Shiba Inu based on different technical indicators. The analyst behind the InvestingHaven platform also noted that the Shiba Inu is consolidating at a critical Fibonacci level, maintaining bullish 2024 targets, and that a price of $0.0000555 is achievable for the Shiba Inu before the end of the year.
https://twitter.com/InvestingHaven/status/1861747550870774252
Is a Potential Rally Coming?
The Shiba Inu memecoin appears to be preparing for a potential rally, as a significant number of SHIB tokens have been withdrawn from exchanges over the last 3 days, indicating strong activity.
Notably, over the past three days, Shiba Inu coin holders have bought a total of 5.45 trillion tokens from exchanges, worth about $162 million, indicating that they plan to hold on for the long term. If this continues, the price of SHIB could skyrocket very soon.
It is Important for SHIB Holders to Protect Their Positions
Additionally, several short-term SHIB holders have refrained from selling the token in the last 30 days, meaning most holders still own some of the asset. On the other hand, a drop in this metric means many are selling, which could be bearish for the cryptocurrency.
Therefore, it is of great importance for short-term SHIB holders to maintain their positions to prevent a decrease in the token's value.
Is SHIB Poised to Explode Soon?
On the daily chart, SHIB’s price has formed a bullish flag, indicating a possible continuation of the uptrend. This pattern resembles a flag on a pole, indicating that the price will likely breakout once the consolidation phase ends. Notably, SHIB’s price appears to be following this pattern. If buying pressure increases, the token’s value could skyrocket to $0.000030. However, if more tokens are moved to exchanges, the memecoin could fall to $0.000020.
The SHIB community has witnessed a massive increase in burn rate, which has skyrocketed by 23,265.28% in the last 24 hours. This unprecedented increase in burn rate has created optimism in the community, with many speculating a potential price increase.
