Analysts Look For Bullish Indicators As SHIB Holders Move 5.45 Trillion Tokens Off Exchanges

The post Analysts Look For Bullish Indicators As SHIB Holders Move 5.45 Trillion Tokens Off Exchanges appeared first on Coinpedia Fintech News

Amidst the recent bull run, whilst other cryptocurrencies have displayed impressive surge in recent weeks, the price of Shiba Inu has been discouraging. SHIB recorded only 35% gains in the last four weeks. However, Dogecoin has surged by 143% during the same period, and PEPE saw an impressive 105% monthly gains. 

Analysts Look For Bullish Indicators

Notably, analysts are observing for indicators that could suggest a significant move for SHIB in the coming days. Technical analyst Cantonese Cat believes SHIB is on the verge of breaking above the weekly Ichimoku Cloud. This could signal the onset of a strong uptrend after its prolonged period of dull price actions. 

If the breakout occurs, the analysis suggests that Shiba Inu should overcome $0.00003100 as the immediate resistance level, potentially paving the way for a move towards the $0.000037 region, last seen in March.

Further, Shiba Inu may also target its yearly high of $0.000045 and potentially reclaim previous peaks from 2021, preparing it to finally push for an all-time high.

Other analysts have also shared optimistic views on Shiba Inu based on different technical indicators. The analyst behind the InvestingHaven platform has also pointed out that Shiba Inu is consolidating at a critical Fibonacci level, holding its bullish 2024 targets and that a price of $0.0000555 remains attainable for Shiba Inu before the end of the year.

Potential Rally Imminent?

Shiba Inu memecoin seems to be gearing up for a potential rally, as over the past 3 days, a substantial number of SHIB tokens have been moved off exchanges, which indicates strong activity. 

Notably, over the last three days, Shiba Inu coin holders have taken a cumulative 5.45 trillion tokens off exchanges, worth about $162 million, indicating that they intend to hold it long. If sustained, then SHIB’s price could skyrocket real soon. 

Crucial For SHIB Holders To Maintain Positions

Also, several short-term SHIB holders have refrained from selling the token within the last 30 days, implying that most holders still have a chunk of the asset in their possession. A decline in this metric on the other hand, implies that most are selling, which could prove to be bearish for the cryptocurrency. 

Therefore, it is crucial that these short-term SHIB holders maintain their position so that the token does not experience a decline im value. 

SHIB Breakout Soon?

On the daily chart, SHIB’s price has formed a bull flag, indicating a potential continuation of an uptrend. This pattern resembles a flag on a pole and suggests that once the consolidation phase ends, the price is likely to break out. Notably, SHIB’s price seems to be following this pattern. If buying pressure increases, the token’s value could surge to $0.000030. However, if more tokens are moved into the exchanges, the memecoin could drop to $0.000020.

The SHIB community has witnessed a massive surge in its burn rate, skyrocketing by 23,265.28% over the last 24 hours.This unprecedented spike in the burn rate has sparked optimism in the community, with many speculating a potential price rally.