Shiba Inu Coin Shows Bullish Signs, Predicts Potential Breakout
Shiba Inu Shows Bullish Signal: What You Need to Know
Shiba Inu, one of the most well-known meme coins, may be on the verge of a positive price development. According to data from Glassnode, the volume of the Exchange Netflow for Shiba Inu has reached a negative value. This could be a bullish signal, indicating an upcoming positive price movement.
What is the Exchange Netflow?
The Exchange Netflow is an indicator that measures the difference between the tokens that flow into an exchange and those that are withdrawn from the exchange. A positive netflow indicates that more tokens are deposited than withdrawn, which is typically a bearish signal and can lead to selling pressure. A negative netflow, on the other hand, means that more tokens are withdrawn than deposited, which can be a bullish signal.
Shiba Inu’s Current Situation
At the time of reporting, the price of Shiba Inu was at $0.0000089, representing a decrease of 16.56% since the beginning of the year. However, should the netflow not turn positive again, this decline could be halted and Shiba Inu could move towards $0.000010.
Technical Analysis of Shiba Inu
From a technical perspective, Shiba Inu could be on the verge of a breakout. This is evident from the price movement, as Shiba Inu attempts to leave the descending channel it has been in for the past few weeks. Should the price break out of the tight trading zone, the first target could lie between $0.0000093 and $0.0000096. In a very bullish scenario, Shiba Inu could even retest $0.000010.
Another indicator that supports this potential is the Chaikin Money Flow (CMF). The CMF uses volume and price movement to predict trends. A positive CMF for Shiba Inu indicates that the token has significant upward potential.
Although the market is currently not optimistic about Shiba Inu’s price development, this perception could soon change. If Shiba Inu rises to $0.000090, market participants could recognize a possible upward potential and change their stance. It remains to be seen how the price of Shiba Inu will develop, but the current indicators point to a positive development.
Sources: Glassnode, TradingView