- Significant outflow of Shiba Inu (SHIB) from crypto exchanges.
- SHIB experiences positive weekly and monthly performances despite daily decline.
- SHIB underperforms compared to Bitcoin and Ethereum in the last 24 hours.
In July, notable cryptocurrency trader and analyst Ali reported a significant Shiba Inu (SHIB) outflow from various well-known crypto exchanges. Ali took to Twitter today to emphasize that a staggering 3.30 trillion SHIB, valued at approximately $28 million, had been withdrawn from multiple exchange platforms throughout the previous month.
At the time of writing, SHIB held the 9th spot on CoinMarketCap’s trending list. The altcoin was traded at $0.000008316, experiencing a slight decline of 0.44% over the past day. However, despite this daily setback, SHIB demonstrated positive weekly and monthly performances, with gains of 6.73% and 9.40%, respectively.
In addition to experiencing a depreciation against the Dollar, SHIB also witnessed underperformance compared to the two dominant players in the market, Bitcoin (BTC) and Ethereum (ETH), within the last 24 hours. Currently, SHIB recorded a decline of 0.27% against BTC and was overshadowed by the altcoin market leader by the same percentage. Consequently, the value of one SHIB stood at 0.0000000002875 BTC and 0.000000004535 ETH.
On July 27, 2023, the price of the meme coin experienced a significant recovery as it bounced off a positive trend line on its daily chart. This prompted bullish investors to take advantage of the opportunity and drive SHIB’s price above the 20-day and 50-day Exponential Moving Average (EMA) lines by the end of last week. Encouraged by this positive momentum, traders sought to test the major resistance level at $0.00000845.
Despite surpassing this crucial level, SHIB could not sustain a daily candle close above it. Nevertheless, a notable bullish technical flag was activated within 48 hours as the 20-day EMA intersected above the longer 50-day EMA line. This development indicated that SHIB’s price had entered a medium-term positive trend, which holds significance in the crypto industry.
Should the current medium-term momentum persist, SHIB can successfully surpass the resistance levels at $0.00000845 and $0.00000928, thereby establishing them as support levels. Furthermore, sustained pressure may propel SHIB towards the price point of $0.00001052 within the next couple of weeks.
However, should SHIB fail to achieve a daily candle closure above $0.00000845 within the next 48 hours, it may undergo a retest of the positive trend line on its daily chart. In the event of a breach below this level, SHIB’s price will probably experience a further decline towards the subsequent significant support level at $0.00000715.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
