- SHIB’s price declined by 5.67% in just 24 hours
- Shiba Inu’s outflow surged on the charts with over 2.3 trillion tokens moving off exchanges
The last 24 hours saw Shiba Inu’s [SHIB] price attempt to break out of a downtrend. Alas, without some success. Even so, the popular memecoin hit a local high of $0.0000249, climbing from a low of $0.0000217 on the charts.
The memecoin registered a slight pullback soon after though. And, at the time of writing, SHIB was trading at $0.00002271 following a fall of 5.67% on the daily charts. Here, it’s worth noting that the crypto’s latest bout of depreciation was unexpected, especially since it noted gains of almost 5% on the weekly charts.
With SHIB continuing to trade sideways right now, the question that arises is – Can the memecoin break out of this consolidation range as buyers take market control?
What do SHIB’s price charts say?
According to AMBCrypto’s analysis, Shiba Inu is currently seeing strong buying pressure, with momentum continuing to build on the charts.
Source: Tradingview
For starters, we can see this upward momentum through a bullish crossover that has emerged on both the MACD and the RVGI. In fact, a bullish crossover occurred on the MACD 48 hours ago, signaling a strong upward momentum and the weakening of the downtrend.
This trend was then confirmed by another crossover on the RVGI over the last 24 hours. The two, combined, revealed that sellers have been losing momentum while buyers gained control.
Source: Santiment
Looking further, we can see a massive surge in exchange outflows over the last 24 hours.
In fact, SHIB has seen more than 2.3 trillion in outflows. Such market behavior is a sign of accumulation as investors have been getting their assets off exchanges.
Source: IntoTheBlock
This buying pressure is even more prevalent among large holders.
In fact, whale activity surged over the last 24 hours by 106.69%. When whales turn to accumulation, it is a sign of their confidence in the market.
Source: Santiment
Finally, Shiba Inu’s MVRV Ratio alluded to a recovery phase. The MVRV started rising from negative territory as market participants changed their sentiment, while investors are starting to believe again. This usually occurs either at the end of a downtrend or during the early stages of a potential bullish trend.
Simply put, SHIB may be signaling a potential trend reversal as buyers re-enter the market. With bullish sentiments building in the market, we could see the memecoin make some gains.
Therefore, a continuation of this trend will see SHIB reclaim the $0.000025 resistance level. However, if bulls fail to hold the market, it will drop to $0.000020.
