thecryptobasic.com
Shiba Inu (SHIB) price has hovered within the $0.000021 – $0.000023 channel since the start of the week on April 14. After a week of consolidation, recent market movement suggests that SHIB bulls are now bracing up for a rebound phase.
At the time of writing on April 19, SHIB was trading just above $0.0000023. As crypto investors position their traders to front-on potential gains from the Bitcoin Halving, could the SHIB price be on the brink of a $0.00003 retest?
SHIB Tokens worth $9 million Fly Off Exchanges in 5-days
Shiba Inu price has conspicuously managed to avoid a major reversal below the $0.00002 mark this week, while the global crypto market has shed over $50 billion due to bearish headwinds from the escalating geo-political crisis in the Middle East.
On-chain data suggests the resilient SHIB price action has been partly driven by investors opting to hold out for future gains rather than sell into the raging market FUD (Fear Uncertainty and Doubt).
Coinglass’chart below tracks the net-flow of SHIB tokens across the top 10 largest exchanges, over the last seven days dating back to April 13.
The chart above shows that investors moved approximately $9 million worth of SHIB tokens from crypto exchange-hosted wallets between April 13 and April 19.
Negative flows of assets mean investors withdrew more tokens into cold storage than the total number of tokens deposited on exchanges during the specified period. When this trend appears during a period of flat price action, it sends positive signals for two key reasons.
Firstly, with fewer tokens readily available to be traded on exchange spot markets, the selling pressure drops significantly.
This partly explains why Shiba Inu price has consolidated above $0.00002 this week, while the other mega cap memecoins like PEPE and Dogwifhat (WIF) suffered major dips.
Furthermore, with SHIB price currently outperforming the broader meme coin market trends, strategic investors could ape-in, in hopes of an accelerated breakout once crypto sector enters a rebound phase.
While the broader crypto market has battled bearish headwinds, shedding over $50 million in market capitalization during this week, SHIB price has conspicuously managed to avoid a breaking down below the critical.
Shiba Inu Price Forecast: Bears Could Lose $1M If SHIB Reclaims $0.00025
Drawing insights from the $9 million exchange outflows, SHIB price will likely rebound towards the $0.000030 area in the near term.
Coinglass’ Liquidation Map chart also supports this bullish Shiba Inu price outlook. It represents the value of leveraged futures contracts active at key price levels.
The number of SHIB LONG leverage positions has now exceeded the SHORTs, signaling that the majority of Shiba Inu derivatives traders are increasingly betting on an early price rebound.
As illustrated above, Shiba Inu SHORT traders risk losing $1.14 million in potential liquidations if prices surge another 10% to reclaim $0.000026. If they opt to trigger stop-losses or close out their positions early, the could form a major resistance sell-wall at the $0.000025 territory.
But, in comparison, the bulls have mounted leveraged LONG positions worth $2.09 million, which could all be liquidated if SHIB prices fall below the critical $0.00002 support level. Given that the bulls have significantly more skin in the game, SHIB price advancing towards $0.000026 currently looks more likely.
If that scenario plays out as predicted, positive sentiment surrounding the 2024 Bitcoin Halving event could see SHIB prices surge further toward the $0.000030 territory.