Analysts Look For Bullish Indicators As SHIB Holders Move 5.45 Trillion Tokens Off Exchanges
During the recent bull run, while other cryptocurrencies have shown impressive surges in recent weeks, the price of the Shiba Inu has been dismal. SHIB has only recorded a 35% gain over the past four weeks. However, Dogecoin surged 143% during the same period, and PEPE’s monthly gains were an impressive 105%.
Analysts look for bullish indicators
Notably, analysts are watching for indicators that could point to significant moves for SHIB in the coming days. Technical analyst Cantonese Cat believes SHIB is about to break through the weekly Ichimoku Cloud. This could signal the start of a strong uptrend after a long period of lackluster price action.
If a breakout occurs, analysis suggests that the Shiba Inu should overcome immediate resistance at $0.00003100, potentially paving the way towards the $0.000037 area (last seen in March).
In addition, Shiba Inu may also target a yearly high of $0.000045, with the potential to retrace its previous peak from 2021 onwards, setting the stage for an eventual push to all-time highs.
Other analysts also expressed optimism on Shiba Inu based on various technical indicators. The analysts behind the InvestingHaven platform also note that Shiba Inu is consolidating at key Fibonacci levels, maintaining its bullish 2024 target, and that Shiba Inu price could still reach $0.0000555 before the end of the year.
A potential rebound is coming?
The Shiba Inu memecoin appears to be gearing up for a potential rally as a significant amount of SHIB tokens have been moved from exchanges over the past 3 days, indicating active trading activity.
It is worth noting that in the past three days, Shiba Inu coin holders have taken away a cumulative 5.45 trillion tokens from exchanges, worth approximately $162 million, indicating that they intend to hold on to them for the long term. If this continues, SHIB’s price could really skyrocket soon.
It is vital for SHIB holders to maintain their positions
Additionally, some short-term SHIB holders have not sold the token in the past 30 days, meaning that most holders still have significant holdings. On the other hand, a decline in this indicator means that most people are selling, which can be negative for the cryptocurrency.
Therefore, it is crucial for these short-term SHIB holders to maintain their positions lest the token value decline.
Is SHIB about to break through?
On the daily chart, SHIB’s price has formed a bull flag pattern, indicating that the upward trend is likely to continue. This pattern resembles a flag on a pole, indicating that price may breakout once the consolidation phase is over. Notably, SHIB’s price appears to follow this pattern. If buying pressure increases, the coin’s value could surge to $0.000030. However, if more coins enter exchanges, memecoin could drop to $0.000020.
The SHIB community’s burn rate has spiked significantly, soaring 23,265.28% in the past 24 hours. This unprecedented spike in burn rates has sparked optimism in the community, with many speculating that prices may rise.
