Key Takeaways:
- Shiba Inu is trading at $0.000013 with a 24-hour trading volume of $148 million.
- Whale activity signals increasing demand, with over $8 million SHIB withdrawn from Coinbase.
- Shiba Inu could see a breakout towards $0.000016 if the accumulation trend continues.
Shiba Inu (SHIB) is showing signs of a potential breakout after recent whale activity and improving network metrics. The meme coin has faced periods of stagnation, and is experiencing a surge in exchange activity. This article delves into the latest Shiba Inu price movements and what could be next for the popular cryptocurrency.
Surging Whale Activity and Exchange Outflows
In the past 24 hours, Shiba Inu has experienced significant movements on exchanges. For instance,54 billion SHIB tokens were shifted between wallets. Despite a recent drop in price to $0.000013, the increased whale activity is one of the key bullish signals for SHIB.
Over $8 million worth of SHIB was recently withdrawn from Coinbase. This suggest that large investors are positioning themselves for an upside move. On-chain data reveals that more tokens are leaving exchanges than entering, which often precedes price rallies. With netflows in the negative at -43 trillion SHIB, the market sentiment remains cautiously optimistic.
Rising Network Activity and Technical Indicators
SHIB’s network activity is on the rise, with the number of active addresses increasing by nearly 1% and transactions growing by 0.93%. This increase in participation hints at growing demand from retail investors, which could provide the necessary fuel for a breakout.
Technically, Shiba Inu is forming a symmetrical triangle pattern, typically a consolidation phase before a major price movement. The price remains bounded by the rising support trendline and the 200-day EMA (Exponential Moving Average), with resistance located near $0.000014. A breakthrough past this resistance level could trigger a sharp rally toward $0.000016 and beyond.
Shiba Inu’s Key Price Levels and Breakout Potential
Currently, Shiba Inu’s price remains below the $0.000014 resistance, with buyers showing resilience near the $0.0000128 support zone. If the accumulation trend continues and the selling pressure remains subdued, SHIB could target higher price levels.
Analysts are eyeing the $0.000016 to $0.000017 range as the next resistance zone, with a longer-term goal of reaching $0.000022. If SHIB can maintain its position above key support levels and the broader market stays positive, a breakout could occur in the coming days.
Furthermore, there is growing speculation about SHIB’s potential inclusion in an exchange-traded fund (ETF) after Coinbase Futures launched a “1k SHIB Index.” This move is seen as a step toward greater institutional adoption, which could boost SHIB’s price and market credibility in the long term.
