Shiba Inu (SHIB) has seen a price jump of around 9% over the past seven days. However, over the past 24 hours, the cryptocurrency has struggled to maintain this movement, sparking speculation of a significant price drop.
Meanwhile, SHIB has seen a significant outflow from exchanges, hinting at a possible change in the recent trend. With investor interest growing, what’s next for the meme coin’s price?
Shiba Inu Investors Show High Confidence
On September 23, outflows from Shiba Inu were just under 4 billion. Today, the same metric has risen to 57.02 billion, according to Santiment data.
This influx indicates that investors are moving their holdings into wallets rather than selling them on exchanges, suggesting increased confidence and bullish sentiment towards the meme coin.
If this is the case, and it continues, SHIB may attract more buyers and possibly see further upward price movement. For example, the inflow saw a similar surge in September, and in two days, SHIB price went from $0.000013 to $0.000015.
Amid the increase in outflows, BeInCrypto notes a significant decrease in the market cap to trade volume (NVT) ratio. The NVT ratio shows whether the market cap of a cryptocurrency is growing faster than the trade volume.
High NVT values indicate higher market cap growth and usually mean that the price has reached a local top. Due to the low NVT ratio in the case of SHIB, the trading volume appears to be outpacing the market cap growth, indicating that the price is at a good buy point.
Therefore, like the signal from the outflow, SHIB price may be ready to add more to the recent gains.
SHIB Price Prediction: Next Target Could Be $0.000017
The daily chart shows how SHIB price traded within a descending triangle between August 25 and September 18. This limited movement prevented the coin from achieving a significant increase.
However, since last Thursday, the price has broken out of the pattern and has not returned. This breakout suggests that SHIB price has moved beyond the consolidation phase and is likely ready to head towards the three-month high.
Currently, the price of SHIB is $0.000015. Moreover, both the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) are showing bullish signals. As shown below, these technical oscillators are at higher readings than they were a few days ago, indicating bullish momentum.
If this trend continues over the next few days, SHIB may break the resistance at $0.000015 and climb towards $0.000017. However, the inability to break the resistance may invalidate this bias. In this case, the price of SHIB may drop to
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