Shiba Inu (SHIB), one of the most famous memecoins and the second-largest market cap among its peers, appears to be on the verge of a price recovery as whales show huge interest. According to a report from on-chain analytics firm Coinglass, major investors’ interest in SHIB remains undiminished despite the recent decline in the cryptocurrency market.
3.3 trillion SHIB left the exchange
SHIB spot inflow and outflow data shows a large outflow from the exchange, with a total value of 3.3 trillion tokens, or more than $93.3 million. This outflow is a strong signal of whale confidence in memecoins.
In the world of cryptocurrency, 'outflow' refers to the transfer of assets from exchanges to private wallets, which is often seen as a bullish indicator and a signal that prices may appreciate. Moreover, an increase in outflows indicates a reduction in selling pressure, lowering the risk of further price declines.
SHIB Technical Analysis
The technical analysis of SHIB supports this bullish sentiment. SHIB is currently approaching a critical support level, namely a sloping trend line, which has historically served as a springboard for upward movements.
Experts say that if SHIB manages to stay above $0.000025, it is very likely to rise 40% to the level of $0.000039 in the coming days. SHIB's Relative Strength Index (RSI) is currently at 52, indicating that the token is not in the overbought zone, providing room for price increases.
Current price and market participation
As of the time of writing, SHIB is trading at approximately $0.00002838, having fallen over 2.50% in the past 24 hours. Trading volume has decreased by 30%, indicating lower participation from traders and investors in the short term.
The combination of on-chain metrics and technical analysis brings hope to SHIB holders, who expect a recovery to occur in the near future.
