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Shiba Inu Eyes Surge To $0.000039 Amid 1.67T SHIB Withdrawal From Exchanges
November 21, 2024
Shiba Inu, a cryptocurrency, may see a significant increase in price as investors withdraw over 1 trillion SHIB tokens from crypto exchanges. Noted crypto chartist Ali Martinez made this observation yesterday while analyzing Shiba Inu’s price movement. According to Martinez, Shiba Inu investors moved a staggering 1.67 trillion SHIB tokens from exchanges to their external wallets within a 24-hour period. These crypto assets transferred off exchanges are less likely to be sold in the near future, potentially reducing selling pressure. Interestingly, the analyst pointed out that Shiba Inu had experienced a similar increase in exchange outflows in the past, resulting in a 62% price surge at that time.
Ali (@ali_charts) tweeted, “1.67 trillion $SHIB have been withdrawn from exchanges in the past 24 hours. The last time we saw a similar spike, #ShibaInu surged 62% in price.” (November 20, 2024)
The recent rise in SHIB withdrawals from exchanges reduces the number of tokens available for immediate trading on these platforms, which could potentially lead to a double-digit price surge for Shiba Inu.
Shiba Inu is currently facing significant resistance at $0.000025. In a subsequent post, Martinez suggested that the cryptocurrency is struggling to surpass this resistance level. The $0.000025 mark is a critical point at which 40,150 addresses acquired 54.6 trillion SHIB tokens. Some investors who purchased SHIB around this level may sell their holdings at any indication of a price surge. However, the expert stated that if Shiba Inu successfully overcomes this resistance, its price could rally to around $0.000039.
Furthermore, Martinez identified a Bull Flag pattern on Shiba Inu’s chart, indicating a potential upward trend for the cryptocurrency. This pattern typically appears on an asset’s chart after a consolidation phase follows a strong price rally. Market observers interpret its presence as a sign that the asset is preparing for another major rally. According to Martinez, the Bull Flag pattern on Shiba Inu’s chart could drive SHIB’s price to $0.000037. However, he emphasized that Shiba Inu must first surpass the resistance at the $0.000025 mark before reaching the $0.000037 target. Achieving this target would require Shiba Inu to surge by 53.65% from its current price of $0.00002408.
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