Sep 24, 2024
6thTrade
The Shiba Inu (SHIB) community has always stood behind the meme coin, especially during crucial moments, and now it seems that large investors, often referred to as "whales," are stepping in once again. Despite a positive run in recent weeks, SHIB has remained in a long consolidation phase. However, with the arrival of these big holders, the market could soon see a shift. $SHIB
At the moment, Shiba Inu appears to be in a prime buying zone due to its sideways movement. While some investors may still have doubts, whales are buying the dips, taking advantage of the lower prices. This is sparking optimism for a potential trend reversal.
Recent data from CryptoQuant shows that on September 23, more than 621 billion SHIB tokens were withdrawn from exchanges by large holders. Valued at around $9.11 million at the time, this marks one of the highest outflows for SHIB in the past two weeks.
What Could This Mean for SHIB's Price?
Historically, Shiba Inuâs price has tended to rise after significant exchange withdrawals. While a major rally may not be on the horizon just yetâsince other factors come into playâa minor price increase could still give the SHIB community something to celebrate.
Currently, SHIB is trading at $0.0000147, reflecting a modest 0.95% rise over the last 24 hours. The token has also gained 10.26% in the past seven days, following broader recovery in the crypto market. With the involvement of whales, SHIB may soon target new highs.
The Conviction of Shiba Inu Investors
On September 23, the exchange outflow for Shiba Inu stood at less than 4 billion tokens. Today, it has surged to 57.02 billion, according to data from Santiment. This sharp increase suggests that investors are moving their holdings to wallets, rather than selling, which is a sign of growing confidence and bullish sentiment toward SHIB.
If this trend continues, it could attract more buyers and lead to further upward price movement. For example, a similar outflow spike occurred in September, and within two days, SHIB's price rose from $0.000013 to $0.000015.
In addition, the Network Value to Transaction (NVT) ratio has dropped, indicating that transaction volume is outpacing the growth of SHIBâs market cap. A falling NVT ratio can signal a good buying opportunity, reinforcing the bullish outlook.
SHIB Price Outlook: Targeting $0.000017?
Looking at the daily chart, SHIB's price has traded within a descending triangle from August 25 to September 18, limiting any significant price increase. However, the price broke out of this pattern last week and has shown signs of moving past the consolidation phase.
Currently, SHIB is trading at $0.000015, and both the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) are showing bullish signals. If this momentum continues, SHIB could break the resistance at $0.000015 and move toward the next target of $0.000017.
However, failure to break through this resistance may push SHIB's price back down to $0.000013, dampening the recent optimism. For now, the future looks cautiously optimistic as whales continue to support the coin.
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Disclaimer: The content of this article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments are highly volatile and may lead to substantial financial loss. Always perform your own research and consult a qualified financial advisor before making any investment decisions. The opinions expressed are solely those of the author and do not represent the views of the publisher or its affiliates. Investing in cryptocurrencies involves inherent risks, and past performance is not a reliable indicator of future results. Please exercise caution.
