Market
Will SHIB Price Hit $0.000017 After Huge Exchange Withdrawals?
Shiba Inu (SHIB) has witnessed a price jump of around 9% in the past seven days. However, over the past 24 hours, the cryptocurrency has struggled to maintain that movement, sparking speculation of a notable price decline.
At the same time, SHIB saw a significant outflow from exchanges, hinting at a possible shift in the recent trend. As investor interest builds, what is next for the meme coin’s price?
Shiba Inu Investors Display High Conviction
On September 23, Shiba Inu’s exchange outflow was less than 4 billion. Today, the same metric spiked to 57.02 billion, according to Santiment data.
This outflow indicates that investors are moving their holdings to wallets rather than selling on exchanges, which suggests increasing confidence and a bullish sentiment toward the meme coin.
If that is the case, and it continues, SHIB could attract more buyers and potentially see more upward price movement. For instance, the outflow experienced a similar surge in September, and within two days, SHIB’s price moved from $0.000013 to $0.000015.
Read more: 6 Best Platforms To Buy Shiba Inu (SHIB) in 2024
Amid the surge in outflow, BeInCrypto observes a notable drop in the Network Value to Transaction (NVT) ratio. The NVT ratio shows if a cryptocurrency’s market cap is growing faster than its transaction volume or otherwise.
High values of the NVT ratio indicate higher market cap growth and typically signify that the price has hit the local top. Since the NVT ratio fell in SHIB’s case, transaction volume appears to be outpacing market cap growth, indicating that the price is at a good buying point.
Therefore, like the sign generated from the exchange outflow, SHIB’s price could be set to add more to recently made gains.
SHIB Price Prediction: Next Target Could Be $0.000017
The daily chart shows how SHIB’s price traded within a descending triangle between August 25 and September 18. This range-bound movement restricted the token from notching a significant increase.
However, since last Thursday, the price has broken out of the pattern and has failed to reverse there. This breakout suggests that SHIB’s price could be over its consolidation phase and most likely ready to head toward a three-month peak.
Currently, SHIB’s price is $0.000015. Furthermore, both the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) flash bullish signs. As seen below, these technical oscillators are at higher readings than they were some days back, indicating bullish momentum.
Read more: Shiba Inu (SHIB) Price Prediction 2024/2025/2030
If this trend continues over the next few days, SHIB might break the resistance at $0.000015 and climb toward $0.000017. However, failure to break the resistance could invalidate this bias. In that case, SHIB’s price could decline to $0.000013.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
XRP Price Ready to Rally? Signs Point to a Bullish Move
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Market
Solana (SOL) Rallies Strongly, Setting Sights on $200
Solana started a fresh increase above the $172 support zone. SOL price is rising and might soon aim for a move toward the $200 level.
- SOL price started a fresh increase after it settled above the $165 level against the US Dollar.
- The price is now trading above $172 and the 100-hourly simple moving average.
- There was a break above a key bearish trend line with resistance at $162 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The pair could continue to rise if it clears the $192 resistance zone.
Solana Price Starts Fresh Rally
Solana price formed a support base and started a fresh increase above the $162 level like Bitcoin and Ethereum. There was a strong move above the $165 and $172 resistance levels.
There was a break above a key bearish trend line with resistance at $162 on the hourly chart of the SOL/USD pair. The price even cleared the $185 level. A high is formed at $192 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $155 swing low to the $192 high.
Solana is now trading above $172 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $192 level. The next major resistance is near the $195 level.
The main resistance could be $200. A successful close above the $200 resistance level could set the pace for another steady increase. The next key resistance is $212. Any more gains might send the price toward the $220 level.
Another Dip in SOL?
If SOL fails to rise above the $192 resistance, it could start a downside correction. Initial support on the downside is near the $188 level. The first major support is near the $180 level.
A break below the $180 level might send the price toward the $172 zone or the 50% Fib retracement level of the upward move from the $155 swing low to the $192 high. If there is a close below the $172 support, the price could decline toward the $165 support in the near term.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is gaining pace in the bullish zone.
Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Major Support Levels – $188 and $185.
Major Resistance Levels – $192 and $200.
Market
Will Bulls Push It Higher?
Ethereum price started a fresh surge above the $2,650 resistance. ETH is up over 10% and might aim for a move above the $2,850 resistance.
- Ethereum started a fresh surge above the $2,650 resistance zone.
- The price is trading above $2,700 and the 100-hourly Simple Moving Average.
- There is a new connecting bullish trend line forming with support at $2,730 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to rise if it settles above $2,850 and $2,880.
Ethereum Price Extends Surge
Ethereum price started a fresh increase above the $2,550 resistance like Bitcoin. ETH was able to climb above the $2,550 and $2,650 resistance levels to move into a positive zone.
It even surged above the $2,720 level in the past few sessions, beating BTC. It is up over 10% and there was a move above $2,800. A high is formed at $2,848 and the price is showing signs of more upsides. It is holding gains above the 23.6% Fib retracement level of the upward move from the $2,357 swing low to the $2,848 high.
Ethereum price is now trading above $2,700 and the 100-hourly Simple Moving Average. There is also a new connecting bullish trend line forming with support at $2,730 on the hourly chart of ETH/USD.
On the upside, the price seems to be facing hurdles near the $2,850 level. The first major resistance is near the $2,880 level. The main resistance is now forming near $2,950. A clear move above the $2,950 resistance might send the price toward the $3,000 resistance.
An upside break above the $3,000 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,250 resistance zone.
Are Dips Supported In ETH?
If Ethereum fails to clear the $2,850 resistance, it could start a downside correction. Initial support on the downside is near the $2,800 level. The first major support sits near the $2,720 zone and the trend line.
A clear move below the $2,720 support might push the price toward $2,650. Any more losses might send the price toward the $2,550 support level in the near term. The next key support sits at $2,500.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $2,850
Major Resistance Level – $2,720
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