Shiba Inu aims to capitalize on a recent surge in whale transactions to facilitate a measured ascent towards regaining the price level at $0.000045.
As the global crypto market faces a bearish consolidation phase, Shiba Inu has retraced most of the gains it picked up last month. SHIB’s downtrend has resulted in a 44% collapse from the $0.000045 high attained on March 5, but recent market signals point to an imminent recovery of this price threshold.
Notably, on-chain data suggests that Shiba Inu has continued to attract investor interest, with a growing tendency among existing investors to hold onto their tokens. Data sourced by IntoTheBlock shows that SHIB recently witnessed a massive spike in whale transaction volume.
Shiba Inu Sees Bullish On-chain Metrics
Large transactions involving SHIB spiked to a high of 3.73 trillion tokens on April 23, signaling robust market activity. This figure skyrocketed further to 6.23 trillion SHIB worth an excess of $144 million on April 24. These intraday spikes in whale transactions resulted in weekly highs, as market participants entered the scene.
While these whale transactions do not particularly give any directional signals, insights from CryptoQuant gives an inkling on where these transactions are heading to. The SHIB Exchange Netflow indicator confirms that investors have been taking off their SHIB tokens from exchanges this month.
Between April 1 to 17, exchanges witnessed 17 consecutive days of sustained outflows, as market participants moved their tokens to cold wallets for long-term storage. Particularly, on April 12, investors pulled out over 1.110 trillion SHIB from exchanges. After four days of mild inflows, these outflows have now resumed.
In addition, Shiba Inu is witnessing a rise in daily active addresses, which recently increased to a 30-day high of 1.31 million addresses on April 19. Moreover, the new adoption rate, indicating the proportion of new addresses making their first transactions, has held up above 40%, hitting 48.15% earlier this month.
SHIB Aims for $0.000045
These metrics confirm the prevalence of bullish sentiments around SHIB despite the downtrend. As a result, Shiba Inu seeks to leverage this atmosphere for a massive push toward recovery. Price-tracking resources Coinpedia Markets called attention to this imminent upswing.
In a recent post on X, analysts at Coinpedia noted SHIB’s previous 23% rise, stressing that it had already broken above its previous range high and looks poised for a significant move up. With the first range high now standing as support, SHIB seeks to breach the second range high, eventually pushing to reclaim $0.000045.
$SHIB is already 23% up since successfully breaking out the Range High as support. 🔥
On its way to exploding the Range High resistance area via the green path with a target of $0.0000450.🚀#SHIB #ShibaInu #MemeCoinSeason pic.twitter.com/TqDzo7kLld
— Coinpedia Markets (@MarketCoinpedia) April 26, 2024
At its current price of $0.00002343, Shiba Inu has slipped below the support, but the bears have mounted a defense at $0.00002182, aligning with the Fibonacci 0.236 level. SHIB’s immediate resistance at this point stands at Fib. 0.382 ($0.00002388), with a break above this level pointed to bring it face to face with the 50-day EMA ($0.00002479).
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