Shiba Inu (SHIB) Price Forecast: Imminent Breakout above $0.000030? #SHIB
Key Points:
Shiba Inu (SHIB) has consolidated within the $0.000021 - $0.000024 channel since the start of the week on April 14.
In the last 7-days SHIB holders have shifted $9 million worth of SHIB from crypto exchanges and trading platforms, suggesting that the majority of investors are bracing up for a rebound phase.
In the Shiba Inu derivative markets, Bull traders are now in firm control with over $2.10 million SHIB leveraged positions exceeding the total active SHORTs contracts worth $1.1 million.
shiba inu (SHIB) price analysis
Shiba Inu
+18.97%
Shiba Inu (SHIB) price has hovered within the $0.000021 – $0.000024 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 20, SHIB was trading just above $0.0000024. As crypto investors position their traders to front-on potential gains from the Bitcoin (BTC) 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).
Coinglass’chart below tracks the net-flow of SHIB tokens across the top 10 largest exchanges, over the last seven days dating back to April 13.
If that scenario plays out as predicted, positive sentiment surrounding the 2024 Bitcoin Halving event could see SHIB prices surge further toward the $0.000030 territory.
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