Shiba Inu (SHIB) shows signs of resuscitation as it rebounds slightly and trades above $0.000016 in the past 24 hours. With Bitcoin (BTC) also showing signs of recovery, the broader crypto market, including meme coins like SHIB, has bounced with expectations and bullish sentiment. With 35T outflow and investor capitulation, can Shiba Inu price rally 250% and triple? Let’s explore.
Shiba Inu Price Poised to Triple as 35T SHIB Outflow Hints Capitulation
Shiba Inu price shows signs of a potential rally as exchange outflows and capitulation signals indicate a trend reversal. SHIB has witnessed a significant drop in exchange supply, declining from 141 trillion to 106 trillion tokens since January 4.
This suggests increased investor accumulation and reduced selling pressure, which could support a price surge if demand rises. Historically, declining exchange balances have preceded strong bullish trends in SHIB’s market performance.
Another key indicator, network profit/loss, has recorded a sharp negative spike, signaling capitulation among traders. NPL tracks the average profit or loss of coins moving on-chain daily.
A negative NPL means a large number of SHIB holders are selling at a loss, often a precursor to a market bottom. This capitulation has historically set the stage for a bullish rebound as weaker hands exit the market. If historical trends hold, SHIB could potentially triple its value from current levels to $0.00004923.
SHIB Eyes Major Breakout Amid Recovery
SHIB’s value today hovered at $0.00001641 after a strong recovery, gaining 3% in the past 24-hours.
The price action indicates a potential bullish breakout, forming an inverse head-and-shoulders pattern on the weekly timeframe. This structure suggests a possible rally toward key resistance levels.
The chart shows the first resistance at the neckline level of $0.00003286, which aligns with the previous price action. A successful breakout from this point could push the Shiba Inu price prediction toward its second target of $0.00006029, marking a potential 267% surge from current levels.
The inverse head-and-shoulders pattern, a classic bullish reversal structure, has taken shape over nearly two years. The head was established at the $0.000007 level, while the two shoulders formed at higher lows, indicating growing accumulation. The measured move from the pattern suggests that a significant upside could follow once SHIB clears the neckline.
However, price rejection at the neckline could lead to a temporary retracement. The key support zone is around $0.00001266, which could act as a cushion if selling pressure emerges.
In conclusion, a 35 trillion SHIB outflow and capitulation suggest a bullish reversal. If momentum builds, the SHIB price could triple, reaching $0.00004923 in the coming weeks.
The post 35T SHIB Outflow & Capitulation Hint Shiba Inu Price Could Triple Soon appeared first on CoinGape.
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