Shiba Inu (SHIB) is the second largest cryptocurrency meme coin by market capitalization. With the rising interest from whales in this meme coin, it is expected to show an upward momentum. According to Coinglass's on-chain analysis report, despite the recent decline in cryptocurrency market prices, the interest and confidence of whales in SHIB remain unchanged.
3.3 trillion SHIB withdrawn from exchanges
The SHIB spot inflow/outflow indicator shows that exchanges have witnessed a massive outflow of 3.3 trillion SHIB tokens, worth over $93.3 million. This significant outflow reflects the growing interest of whales in the meme token.
The term 'outflow' in the cryptocurrency industry refers to the transfer of assets from exchanges to wallets, indicating potential upward momentum and signaling buying opportunities. Additionally, whenever outflow increases, it reduces the likelihood of selling pressure and asset price declines.
Shiba Inu (SHIB) Technical Analysis and Upcoming Levels
The technical analysis of SHIB further supports these bullish on-chain indicators. According to expert technical analysis, SHIB appears to be gaining upward momentum as it struggles near a key support level of a sloping trend line.
Historically, whenever meme coins reach this support level, they tend to experience upward momentum, and experts speculate a similar rebound will occur in the coming days.
Based on recent price trends, if SHIB maintains above $0.000025, it is very likely to surge by 40% in the coming days, reaching a level of $0.000039.
On the positive side, SHIB's Relative Strength Index (RSI) is currently close to 52, below 70, indicating it is not in the overbought zone. This suggests that the asset has sufficient upward potential in the coming days.
Current Price Momentum
Currently, SHIB is trading at around $0.00002838, with a price decline of over 2.50% in the past 24 hours. During the same period, its trading volume decreased by 30%, indicating a drop in trader and investor participation compared to the previous day.
