Shiba Inu could experience a double-digit price spike as investors withdraw over 1 trillion SHIB from crypto exchanges.
Prominent crypto chartist Ali Martinez made this suggestion yesterday while analyzing Shiba Inu’s price action. According to Martinez, Shiba Inu investors withdrew a whopping 1.67 trillion SHIB tokens from exchanges to their external wallets in 24 hours.
Crypto assets transferred off exchanges are less likely to be sold anytime soon, potentially reducing selling pressure. Interestingly, the analyst noted that Shiba Inu had witnessed a similar surge in exchange outflow in the past, leading to a price surge of 62% at the time.
1.67 trillion $SHIB have been withdrawn from exchanges in the past 24 hours. The last time we saw a similar spike, #ShibaInu surged 62% in price. pic.twitter.com/zcgmusDCuP
— Ali (@ali_charts) November 20, 2024
The recent rise in SHIB withdrawals from exchanges reduces the number of tokens available for immediate trading on these platforms, which could position Shiba Inu for a double-digit price surge.
Shiba Inu Faces Major Resistance at $0.000025
In a follow-up post, Martinez suggested that Shiba Inu is struggling to surpass a major resistance at $0.000025. The $0.000025 marks a crucial point at which 40,150 addresses acquired 54.6 trillion SHIB.
Some investors who acquire SHIB around this level may offload their holdings at any sign of a price surge. Nonetheless, the expert stated that should Shiba Inu overcome this resistance, its price could rally to around $0.000039.
Bull Flag Pattern Hints at Potential Surge to $0.000037
Furthermore, Martinez identified a Bull Flag pattern on Shiba Inu’s chart, signaling a potential upward trend for the asset. For context, this pattern typically appears on an asset’s chart after a consolidation phase accompanies a strong price rally.
Market watchers consider its appearance as a sign that the asset is preparing for another major rally. According to Martinez, the Bull Flag pattern on Shiba Inu’s chart could push SHIB to $0.000037.
However, he emphasized that Shiba Inu must first overcome the resistance at the $0.000025 mark before reaching the $0.000037 target. Hitting this target requires Shiba Inu to surge 53.65% from the current price of $0.00002408.
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