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Reading: SHIB Price Could Surge Another 25% Amid Strong Withdrawal Trends
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Kriptoteka > Market > Meme > SHIB Price Could Surge Another 25% Amid Strong Withdrawal Trends
Meme

SHIB Price Could Surge Another 25% Amid Strong Withdrawal Trends

marcel.mihalic@gmail.com
Last updated: October 20, 2024 2:00 pm
By marcel.mihalic@gmail.com 4 Min Read
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The price dynamics of Shiba Inu (SHIB) over the past month have sparked significant interest among meme coin investors. If this trend continues, it could pave the way for a substantial price increase for the token, which faced challenges throughout the previous two quarters.

As of now, SHIB’s price stands at $0.000019, reflecting a 30% increase during the specified time frame. However, this may not mark the end of the upward trend, even if growth has recently decelerated.

16 Trillion Shiba Inu Tokens Withdrawn from Exchanges

According to data from Glassnode, SHIB holders have withdrawn over 16 trillion tokens from exchanges in the last week. At the current price, this translates to roughly $288 million.

A significant withdrawal of cryptocurrency from exchanges reduces the available circulating supply for trading on those platforms. This can enhance scarcity, especially if the withdrawals involve a widely held coin or a considerable portion of liquidity.

Typically, this leads to a potential price increase due to fundamental supply and demand principles. Thus, if the trend of withdrawals from exchanges continues, SHIB’s price may counter its slight 24-hour decline and rise higher.

Read more: Dogecoin (DOGE) vs Shiba Inu (SHIB): What’s Different?

SHIB exchange outflow rises
Shiba Inu Exchange Net Position Change. Source: Glassnode

Another indicator supporting a sustained bounce is the Market Value to Realized Value (MVRV) Long/Short Difference. An increase in the MVRV Long/Short Difference suggests that long-term holders are enjoying more unrealized profits compared to short-term holders, which usually signals a bullish outlook.

Conversely, a declining metric typically indicates a bearish market environment. On September 26, the metric recorded a value of 33.44%, aligning with a period when SHIB’s price was at $0.000014.

However, as of now, the MVRV Long/Short Difference has improved to -21.49%, indicating that the meme coin is gradually exiting a predominantly bearish phase. Should this trend continue, Shiba Inu’s price may follow suit.

SHIB price produces gains
Shiba Inu MVRV Long/Short Difference. Source: Santiment

SHIB Price Prediction: Targeting Another 25% Rally

At present, SHIB is trading just below an important psychological resistance level. However, analysis of the Bull Bear Power (BBP), which gauges accumulation versus distribution, indicates that the token may overcome this hurdle.

The BBP reading reflects the strength of buyers (bulls) compared to sellers (bears). A negative reading indicates that sellers dominate. Currently, the daily BBP is positive, suggesting that bulls are in the lead.

This positive sentiment is underscored by the Exponential Moving Average (EMA) analysis. As shown below, the 20 EMA (blue) sits above the 50 EMA (yellow), signaling a bullish trend. Should this momentum continue, SHIB’s price could rise to $0.000024.

Read more: How To Buy Shiba Inu (SHIB) and Everything You Need To Know

SHIB price analysis
Shiba Inu Price Analysis. Source: TradingView

If the bears aim to thwart this upward trend, they need to ensure that the token remains below $0.000020. A breach of this level could result in SHIB’s price dipping to $0.000017.

Disclaimer

In accordance with the Trust Project guidelines, this price analysis article is intended solely for informational purposes and should not be interpreted as financial or investment advice. BeInCrypto remains dedicated to providing accurate and unbiased information; however, market conditions can change without notice. Always perform your own research and consult with a qualified professional prior to making any financial decisions. Please be aware that our Terms and Conditions, Privacy Policy, and Disclaimers have recently been updated.

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