Shiba Inu (SHIB) has experienced a price increase of around 9% over the past 7 days. However, in the past 24 hours, the cryptocurrency has struggled to maintain its momentum, and speculations of a significant price drop have emerged.
At the same time, SHIB has seen significant outflows from exchanges, suggesting a possible change in recent trends. With increasing investor interest, what will happen to the price of MemeCoin?
Shiba Inu investors are showing high confidence
On September 23, the exchange outflow of Shiba Inu was less than 400 million. According to Santiment, a cryptocurrency online data platform, as of the 24th, the exchange outflow volume has surged to 57.02 billion. According to Santiment data.
This outflow indicates that investors are moving their assets to wallets rather than selling them on exchanges, which suggests increased confidence and bullish sentiment towards memecoins.
So if the trend continues, SHIB could attract more buyers and see further price appreciation. For example, there was a similar outflow in September and within two days, the price of SHIB went from $0.000013 to $0.000015.
Read more: 6 Best Platforms to Buy Shiba Inu (SHIB) in 2024
Along with the increase in outflows, BeInCrypto observes a noticeable decline in the Network Value to Transactions (NVT) ratio. The NVT ratio shows whether a cryptocurrency’s market cap is growing faster than its transaction volume.
A high value of the NVT ratio indicates high market cap growth and usually means that the price has reached a local high . In the case of SHIB, the NVT ratio has fallen, so the trading volume is outpacing the market cap growth, which indicates that the price is at a good buy point.
Therefore, as the signals from the exchange outflows suggest, the price of SHIB could add to its recent rally.
SHIB Price Prediction: Next Target Could Be $0.000017
The daily chart shows that SHIB’s price traded within a descending triangle from August 25 to September 18. This range-bound movement prevented any significant increase in the token.
However, since last Thursday, the price has broken out of the pattern and has not been able to turn back from there. This breakout suggests that SHIB price may have surpassed the consolidation phase and is probably ready to move towards a three-month high.
The current price of SHIB is $0.000015. In addition, both the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) are sending bullish signals. As you can see below, these technical oscillators are showing higher readings than a few days ago, indicating bullish momentum.
Read more: Shiba Inu (SHIB) Price Forecast 2024/2025/2030
If this trend continues for a few days, SHIB may break the resistance level of $0.000015 and rise to $0.000017. However, if it fails to break the resistance level, this trend may be invalidated. In that case, the price of SHIB may fall to the $0.000013 level.
