Shiba Inu (SHIB) has remained in a price range of $0.000021 to $0.000023 since the beginning of the week on April 14. However, recent market movements indicate that SHIB bulls are preparing for a rebound.
As of April 19, SHIB was trading just above $0.0000023. With crypto investors positioning themselves for potential gains from the Bitcoin Halving, there is speculation that SHIB could retest the $0.00003 level.
Interestingly, SHIB tokens worth $9 million have been withdrawn from exchanges in the past five days. This suggests that investors are choosing to hold onto their tokens in anticipation of future gains rather than selling during the market’s bearish phase.
On-chain data reveals that there has been a decrease in the number of tokens available for trading on exchange spot markets. This has resulted in lower selling pressure and has helped SHIB maintain its price above $0.00002 while other memecoins have experienced significant dips.
Given the positive signals from the exchange outflows and the current outperformance of SHIB compared to other meme coins, strategic investors may enter the market in hopes of a breakout once the crypto sector rebounds.
While the broader crypto market has faced bearish conditions and lost over $50 billion in market capitalization this week, SHIB has managed to avoid a breakdown below a critical level.
Based on the $9 million exchange outflows, it is likely that SHIB will rebound towards the $0.000030 area in the near future. This is supported by Coinglass’ Liquidation Map chart, which shows that the majority of Shiba Inu derivatives traders are betting on a price rebound.
Short traders risk losing $1.14 million in potential liquidations if prices surge another 10% to reclaim $0.000026. On the other hand, long traders have positions worth $2.09 million that could be liquidated if SHIB prices fall below the critical support level of $0.00002. Given the larger stake of the bulls, it is more likely that SHIB will advance towards $0.000026.
If this prediction comes true, positive sentiment surrounding the 2024 Bitcoin Halving event could drive SHIB prices even higher, potentially reaching the $0.000030 level.
Please note that this article is for informational purposes only and should not be considered financial advice. The views expressed in this article are the author’s personal opinions and do not reflect the opinion of The Crypto Basic. Readers should conduct their own research before making any investment decisions, and The Crypto Basic is not responsible for any financial losses incurred.
