As a seasoned researcher who has seen countless crypto market fluctuations, I find myself intrigued by the latest developments surrounding Shiba Inu (SHIB). The massive exchange outflows of over 620 billion SHIB tokens on Aug. 21 is a bullish signal that catches my attention. This could potentially indicate a strong accumulation trend, which, if history repeats itself, might lead to a significant price rally in the near future.
A significant upward movement in the value of Shiba Inu (SHIB) has caught the attention of its community members today. Shiba Inu, which ranks second among meme coins based on market cap, is currently experiencing a price surge. It seems that cryptocurrency traders are fueling this rally as increased buying activity has been observed in the blockchain.
Approximately 620 billion SHIB tokens, as reported by CryptoQuant, were taken out from cryptocurrency exchanges on August 21st. This significant increase in exchange withdrawals could suggest promising developments for the meme coin. The data points towards a growing accumulation trend, which might lead to a substantial price surge in the near future.
In recent times, Shiba Inu seemed unable to gain traction, causing a significant amount of selling. However, things seem to be changing now, with an unexpected increase in exchange withdrawals and the removal of 620 billion SHIB tokens. This trend could potentially have contributed to today’s price spike.
Shiba Inu price movement
The price of SHIB, according to CoinMarketCap, has rallied 4.15% to $0.00001422 in the last 24 hours. Along with it, the trading volume of the meme coin has soared 20.74% to a whopping $208.25 million. Moreover, there is also a notable jump of 4.13% in Shiba Inu’s market cap, which currently stands at $8.38 billion.
Over the last several weeks, the SHIB price has consistently been turned down near $0.000013. Now that it’s moved past this resistance point, there’s a strong possibility that Shiba Inu (SHIB) will reach new highs and maintain its current upward trend. Additionally, another significant signal points towards an intriguing price trajectory for one of the most well-known meme coins.
right now, the Relative Strength Index (RSI) for Shiba Inu stands at 48.14. Normally, an RSI within the 30-60 range indicates that the market is oversold and the downward pressure is starting to ease. This often leads to a significant increase in price over the short term. In essence, several indicators are suggesting that Shiba Inu might be preparing for a bullish trend.
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2024-08-22 17:18