- SHIB trades near $0.000021, with an 18% surge possible to $0.00002466.
- $32M outflow from exchanges signals accumulation by long-term holders and whales.
- RSI at 44.37 points to bullish momentum and potential price reversal.
Shiba Inu (SHIB), the second-largest meme coin, is showing signs of life. With a bullish price action pattern forming on its four-hour time frame, SHIB may be gearing up to break out of its prolonged consolidation phase. The overall market sentiment appears to be shifting upward—could this be the start of something big?
Technical Analysis: Eyeing the Breakout
For 32 days, SHIB has been bouncing between $0.00002013 and $0.00002466, stuck in a consolidation pattern. Now, the coin sits near the lower boundary of this range, poised for what could be an 18% surge to the upper limit at $0.00002466.
- The four-hour chart shows SHIB revisiting this lower zone for the fifth time, with historical trends pointing to a potential rebound.
- The Relative Strength Index (RSI) at 44.37 leans bullish, signaling possible upward momentum and a price reversal.
On-Chain Metrics: Whales in Action?
Data from CoinGlass reveals a $32 million outflow of SHIB from exchanges over the last 48 hours. Here’s what that could mean:
- Outflows often indicate accumulation by long-term holders, suggesting renewed confidence in the coin’s future.
- This shift hints at upcoming buying pressure as assets move from exchanges to wallets.
When coupled with the bullish technical setup, this metric strengthens the argument for SHIB’s potential rally.
Current Price Snapshot: A Quiet Build-Up?
SHIB trades around $0.000021, down 1.85% over the past day. Volume, however, has dropped 58%, suggesting lower trading activity—perhaps the calm before the storm?
Final Thoughts: The Bullish Case
Shiba Inu’s mix of technical indicators, on-chain metrics, and historical patterns suggest a possible breakout. If bulls take control and momentum picks up, SHIB could be headed for an 18% surge—possibly breaching the upper boundary of its consolidation range. Still, cautious optimism is key as the broader crypto market continues to evolve.
