LIVEđ¨đ¨Shiba Inu Price Analysis: SHIB Short Traders Face $1,000,000 Losses if This Happens
Shiba Inu (SHIB) price has hovered within the $0.000021 â $0.000023 channel since the start of the week on April 14. After a week of consolidation, recent market movement suggests that SHIB bulls are now bracing up for a rebound phase.
At the time of writing on April 19, SHIB was trading just above $0.0000023. As crypto investors position their traders to front-on potential gains from the Bitcoin Halving, could the SHIB price be on the brink of a $0.00003 retest?
SHIB Tokens worth $9 million Fly Off Exchanges in 5-days
Shiba Inu price has conspicuously managed to avoid a major reversal below the $0.00002 mark this week, while the global crypto market has shed over $50 billion due to bearish headwinds from the escalating geo-political crisis in the Middle East.
On-chain data suggests the resilient SHIB price action has been partly driven by investors opting to hold out for future gains rather than sell into the raging market FUD (Fear Uncertainty and Doubt).
Coinglassâchart below tracks the net-flow of SHIB tokens across the top 10 largest exchanges, over the last seven days dating back to April 13.
Shiba Inu SHIB Price vs Exchange Netflow | Source Coinglass
The chart above shows that investors moved approximately $9 million worth of SHIB tokens from crypto exchange-hosted wallets between April 13 and April 19.
Negative flows of assets mean investors withdrew more tokens into cold storage than the total number of tokens deposited on exchanges during the specified period. When this trend appears during a period of flat price action, it sends positive signals for two key reasons.
Firstly, with fewer tokens readily available to be traded on exchange spot markets, the selling pressure drops significantly.
This partly explains why Shiba Inu price has consolidated above $0.00002 this week, while the other mega cap memecoins like PEPE and Dogwifhat (WIF) suffered major dips.
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