- SHIB’s price declined by 5.67% in just 24 hours
- Shiba Inu’s outflow surged on the charts with over 2.3 trillion tokens moving off exchanges
Over the past day, Shiba Inu’s [SHIB] price has tried to break free from a declining trend but was not entirely successful. However, it managed to reach a recent peak of $0.0000249, rising from a previous low of $0.0000217 on the graphs.
Initially, there was a minor reversal in the memecoin’s price trend. At this moment, I’m writing, SHIB was being traded at $0.00002271, representing a decrease of 5.67% over the daily charts. It’s important to mention that this recent drop in value was unforeseen because the cryptocurrency had actually increased by nearly 5% on the weekly charts.
As Shiba Inu (SHIB) currently trades within a narrow range, a relevant query arises: Could the meme coin manage to burst through this consolidation phase, with buyers gaining dominance over the market?
What do SHIB’s price charts say?
Based on AMBCrypto’s assessment, there’s robust demand for Shiba Inu right now, as the price trend continues to climb on its graphs.
Initially, let’s observe an encouraging trend indicated by a bullish crossing that has appeared in both the MACD and RVGI recently. To be more specific, a bullish crossing took place on the MACD 48 hours ago, implying a robust upward push and suggesting that the downward trend is becoming less dominant.
Over the past 24 hours, this trend was further supported by a second intersection on the RVGI. Together, these events suggested that sellers are starting to lose steam, while buyers seem to be taking charge.
Looking further, we can see a massive surge in exchange outflows over the last 24 hours.
In reality, over 2.3 trillion Shiba Inu coins (SHIB) have left the exchanges, indicating that investors are stockpiling the currency by withdrawing their holdings from the exchange platforms. This behavior is often a sign of accumulation.
This buying pressure is even more prevalent among large holders.
Indeed, whale activity significantly increased by approximately 106.69% during the past 24 hours. Such an increase suggests that they are optimistic about the market’s future prospects.
Reflecting on my crypto journey, I’ve noticed an intriguing shift in Shiba Inu’s Market Value to Realized Value (MVRV) Ratio, suggesting a recovery phase might be imminent. Initially dwelling in negative territory, the MVRV has been climbing, signaling a change in market sentiment. This change could indicate either the tail-end of a bearish trend or the early stirrings of a bullish upturn, as investors regain their confidence.
In simpler terms, Shiba Inu (SHIB) might indicate a possible shift in trend direction due to renewed interest from buyers. As optimism grows among investors, there’s potential for this meme coin to experience growth.
Consequently, if this pattern persists, Shib could regain the $0.000025 resistance point. But, should buyers not maintain control of the market, a fall to $0.000020 is likely.
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2025-01-19 09:12