Shiba Inu holders withdraw 1.67 trillion Shib tokens, bullish signals
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Shiba Inu (SHIB) price shows signs of recovery, trading at $0.000024 after a minor pullback. On-chain data reveals strong accumulation, with 1.67 trillion SHIB withdrawn from exchanges, signaling potential for a bullish breakout. Key resistance at $0.000028 and support at $0.000023 are pivotal for the short-term outlook.
Current price dynamics
Shiba inu (shib) is trading slightly higher at $0.000024, rebounding after a 5% decline in the previous week. the price retracement comes after testing a critical resistance level at $0.000028. On-chain metrics indicate bullish sentiment, suggesting potential recovery in the near term.
On-chain activity analysis
Exchange outflow: Data from santiment reveals a significant spike in shib outflows from exchanges, totaling 1.67 trillion shib tokens, equivalent to nearly $41 million. Historically, such spikes in exchange outflow often signal accumulation phases and precede notable price rallies.
Age consumed index
The age consumed metric, which tracks movement of dormant tokens, shows a marked increase. This suggests that previously inactive wallets are now moving tokens, a trend historically associated with shifts toward bullish price action. The latest spike on november 14 aligns with the observed recovery momentum.
Technical outlook
Shiba inu's price action shows a pullback from the $0.000028 resistance, a level reinforced by the 50% fibonacci retracement drawn from the march high of $0.000045 to the august low of $0.000010.
Resistance levels
$0.000028: a critical resistance zone; a weekly close above this level would signal renewed bullish momentum.
$0.000032: the next target, representing the march weekly high, would come into play following a breakout above $0.000028.
Support levels
$0.000023: immediate support; a sustained hold here maintains the bullish bias.
$0.000019: a break below this level would invalidate the bullish outlook and could lead to further declines. momentum indicators
The relative strength index (rsi) on the weekly chart reads 59, above the neutral threshold of 50, indicating strengthening bullish momentum.
While Shiba inu faces immediate resistance at $0.000028, strong on-chain accumulation signals and bullish momentum indicators suggest potential for a breakout. aAweekly close above this key level would open the door to a rally toward $0.000032. conversely, failure to maintain support at $0.000019 would shift the focus to a more bearish scenario.
Current price dynamics
Shiba inu (shib) is trading slightly higher at $0.000024, rebounding after a 5% decline in the previous week. the price retracement comes after testing a critical resistance level at $0.000028. On-chain metrics indicate bullish sentiment, suggesting potential recovery in the near term.
On-chain activity analysis
Exchange outflow: Data from santiment reveals a significant spike in shib outflows from exchanges, totaling 1.67 trillion shib tokens, equivalent to nearly $41 million. Historically, such spikes in exchange outflow often signal accumulation phases and precede notable price rallies.
Age consumed index
The age consumed metric, which tracks movement of dormant tokens, shows a marked increase. This suggests that previously inactive wallets are now moving tokens, a trend historically associated with shifts toward bullish price action. The latest spike on november 14 aligns with the observed recovery momentum.
Technical outlook
Shiba inu's price action shows a pullback from the $0.000028 resistance, a level reinforced by the 50% fibonacci retracement drawn from the march high of $0.000045 to the august low of $0.000010.
Resistance levels
$0.000028: a critical resistance zone; a weekly close above this level would signal renewed bullish momentum.
$0.000032: the next target, representing the march weekly high, would come into play following a breakout above $0.000028.
Support levels
$0.000023: immediate support; a sustained hold here maintains the bullish bias.
$0.000019: a break below this level would invalidate the bullish outlook and could lead to further declines. momentum indicators
The relative strength index (rsi) on the weekly chart reads 59, above the neutral threshold of 50, indicating strengthening bullish momentum.
While Shiba inu faces immediate resistance at $0.000028, strong on-chain accumulation signals and bullish momentum indicators suggest potential for a breakout. aAweekly close above this key level would open the door to a rally toward $0.000032. conversely, failure to maintain support at $0.000019 would shift the focus to a more bearish scenario.