Shiba Inu (SHIB) price prediction: This $230M Signal could flip the charts.
Price insights:
Shiba Inu price has fiercely defended the $0.000030 support, trading as high as $0.000033 on March 13, 2024. Despite weakening demand across the memecoin markets this week, SHIB holders are increasingly reluctant to sell.Â
Can the curtailed selling pressure drive SHIB price into another parabolic rally above $0.00004?Â
Investors transferred 7 trillion SHIB into long-term storage in March 2024
Despite weakening demand for memecoins this week, Shiba Inu price has avoided a major pullback this week. The SHIB meme token is currently exchanging hands at $0.000034, some distance above its 8-day Exponential Moving Average (EMA-8) price of $0.000032.Â
On-chain data shows that curtailed selling pressure among existing Shiba Inu holders is a key catalyst for SHIB price maintaining momentum this week, as rival memecoins like PEPE and BONK slid down the top gainers charts. Â
CryptoQuant exchange reserves chart below monitors real-time changes in the number of tokens that investors have deposited in trading wallets hosted crypto exchanges
As seen in the chart above, investors held a total of 164 trillion SHIB on crypto exchange wallets at the close of Feb 29. But at the time of writing on March 14, that figure has now dropped to 157 trillion SHIB.Â
Effectively, existing SHIB holders have shifted 7 trillion SHIB tokens away from trading wallets into long-term storage since the start of March 2024, signaling widespread reluctance to sell at the current price levels. Â
Valued at the current prices, those 7 trillion tokens are worth approximately $230 million. Such a large decline in exchange reserves is poised to impact SHIB prices positively in the near-term as it means less supply of tokens on the spot market.
If the memecoin sector attracts another demand surge in the near-term, the current supply crunch could amplify the SHIB price upswing.Â
Shiba Inu Price Prediction: $0.00004 target in firm focus
In terms of short-term price action, investors shifting 7 trillion SHIB tokens out of market supply in the last 14-days puts Shiba Inu price in prime position for another bullish upswing toward $0.00004.Â
At press time, SHIB is trading above its 8-day EMA price at $0.000032, which further affirms the strong resilience from bulls amid the memecoin market pullback.Â
If sellers remain reluctant and SHIB manages to swing above the initial $0.000035 resistance in the coming days, a decisive breakout above $0.00004 could be on the cards.Â
But if the bearish cloud surrounding the largecap memecoin market thickens, SHIB price could slide toward $0.00002. However, in this scenario the $0.000030 territory could form a major short-term psychological support level.
But if the bearish cloud surrounding the largecap memecoin market thickens, SHIB price could slide toward $0.00002. However, in this scenario the $0.000030 territory could form a major short-term psychological support level.
