- SHIB’s price fell 5.67% in just 24 hours
- Shiba Inu outflows soared on the charts, with more than 2.3 trillion tokens disappearing from exchanges
We saw Shiba Inus in the last 24 hours [SHIB] price attempt to break out of a downward trend. Unfortunately, without any success. Still, the popular memecoin reached a local high of $0.0000249, rising from a low of $0.0000217 on the charts.
However, the memecoin registered a slight pullback shortly afterwards. And at the time of writing, SHIB was trading at $0.00002271, having fallen 5.67% on the daily charts. Here it is worth noting that the latest drop in the value of the cryptocurrency was unexpected, especially since gains of almost 5% were recorded on the weekly charts.
With SHIB continuing to trade sideways at the moment, the question arises: can the memecoin break out of this consolidation range as buyers take control of the market?
What do SHIB’s price charts say?
According to AMBCrypto’s analysis, Shiba Inu is currently experiencing strong buying pressure, with momentum continuing to increase on the charts.
Source: Tradingview
To start, we can see this upward momentum via a bullish crossover that has developed on both the MACD and the RVGI. In fact, a bullish crossover occurred on the MACD 48 hours ago, indicating strong upward momentum and the weakening of the downtrend.
This trend was then confirmed by another crossover on the RVGI over the past 24 hours. The two combined revealed that sellers lost momentum while buyers gained control.
Source: Santiment
If we look further, we can see a huge increase in currency outflows in the last 24 hours.
In fact, SHIB has seen an outflow of over €2.3 trillion. Such market behavior is a sign of accumulation as investors have withdrawn their assets from the stock exchanges.
Source: IntoTheBlock
This buying pressure is even more common among large owners.
In fact, whale activity has increased by 106.69% in the last 24 hours. When whales turn to accumulation, it is a sign of their confidence in the market.
Source: Santiment
Finally, Shiba Inu’s MVRV ratio hinted at a recovery phase. The MVRV started to rise from negative territory as market participants changed their sentiment, while investors started to believe in it again. This usually happens at the end of a downtrend or during the early stages of a potential bullish trend.
Simply put, SHIB can signal a potential trend reversal as buyers reenter the market. As bullish sentiments emerge in the market, we may see the memecoin making some gains.
Therefore, a continuation of this trend will lead to SHIB regaining the $0.000025 resistance level. However, if the bulls fail to hold the market, it will drop to $0.000020.
