Shiba Inu (SHIB), one of the most well-known meme coins with the second-largest market capitalization in its category, appears to be on the verge of a price recovery, as whales show massive interest. Despite recent declines in the crypto market, the interest of large investors in SHIB remains undiminished, according to a report from the on-chain analysis company Coinglass.
The data on SHIB spot inflow and outflow show a significant outflow from exchanges, with a total value of 3.3 trillion tokens, equivalent to more than $93.3 million. This outflow is a strong signal of confidence from whales in the meme coin.
In the crypto world, ‘outflow’ means the transfer of assets from exchanges to private wallets, which is often seen as a bullish indicator and a signal for potential price increase. Moreover, an increase in outflow suggests a reduction in selling pressure and a lower risk of further price declines.
The technical analysis of SHIB supports this bullish sentiment. SHIB is currently near a major support, a sloping trendline, which has acted as a springboard for upward movements in the past.
If SHIB manages to stay above $0.000025, experts believe there is a high chance it could rise by 40% to the $0.000039 level in the coming days. The Relative Strength Index (RSI) of SHIB is currently at 52, indicating that the coin is not in overbought territory, leaving room for price increases.
At the time of writing, SHIB is trading around $0.00002838, after a decline of more than 2.50% in the last 24 hours. The trading volume has decreased by 30%, indicating lower engagement from traders and investors in the short term.
This combination of on-chain statistics and technical analysis provides hope for SHIB holders, who expect a recovery in the near future.
Dogecoin
Shiba Inu
Pepe
dogwifhat
Bonk
FLOKI
Bitcoin
Ethereum
Tether
Solana
XRP
Cardano
