Shiba Inu went up in price by about 9% over the week. During the last day, however, the cryptocurrency became unable to hold onto the momentum, which raised concerns over a potential fall in price.
With so much up in the air, there was a considerable outflow of SHIB from exchanges, which evidenced that investor behavior may finally change. The more exciting news regarding the meme coin, though, is what lies in store for its price.
Investors Act Confident, Show Large Outflow
According to Santiment, SHIB’s exchange outflow has increased quite a bit. Whereas only 4 billion SHIB were leaving exchanges on September 23, that number climbed to over 57 billion today.
This means investors are transferring their tokens to private wallets rather than selling them-a development that depicts confidence in the future of the token. Moves of this nature often mean a bullish outlook and may attract newer buyers who could extend prices even higher.
In a case similar to the above, after last month’s big outflow, prices surged from $0.000013 to $0.000015 in just two days.
Network Activity Hints at Buying Opportunity
As the SHIB outflows increased, the NVT ratio plunged. The NVT ratio basically assesses a cryptocurrency’s market cap in relation to its transaction volume. A high ratio can insinuate that the price may be peaking; however, SHIB’s plunging NVT recommends an excellent buying opportunity.
With transactions now well ahead of market cap growth, SHIB could be ready for further gains in price.
What’s Next for SHIB’s Price?
After weeks of consolidations within a descending triangle pattern, SHIB broke out last Thursday, which actually marked the close of its consolidation phase. Presently, the price sits at $0.000015; RSI and MACD technical analysis indicators show strong bullish momentum.
If SHIB continues with this trend, it could break the $0.000015 resistance and set a course towards $0.000017. Unable to break above that resistance, price could pull back to the supports around $0.000013.
As the market sees, SHIB investors wait in anticipation with high expectations for an upward trajectory in the days to come.
