Shiba Inu’s Netflow Soars as Prices Recover! Here’s what’s next for SHIB pricing:
Bitcoin price recently recovered to the $41,000 level after a sharp decline following the cooling inflation report. In November, as the Producer Price Index (PPI) recorded a lower-than-expected figure and the Consumer Price Index (CPI) showed a downward trend, there was little buying demand in the cryptocurrency market. As a result, the proliferation of meme coins like Shiba Inu continues. However, the rise in Netflow may soon bring about a correction.
Shiba Inu’s Netflow Changes Positively
There has been a long-term liquidation of over $1.5 million in Shiba Inu prices after experiencing a sharp decline from recent highs. However, with the news that the inflation rate is calming down, prices are now showing signs of recovery. As a result, accumulation increased near SHIB’s lows.
However, a sharp increase in Netflow may cause a pause in the upward trend. Netflows have been negative in recent days, with outflows from exchanges exceeding inflows, indicating that accumulation has occurred during price declines. But now the indicator has surged and turned positive, with inflows again starting to exceed outflows as the price of SHIB rises.
This change shows that investors who bought SHIB at low prices are now moving their holdings onto exchanges, which is likely to increase selling pressure as they look for selling opportunities. This trend could soon have a bearish impact on the ongoing upward movement, especially if SHIB reaches a price peak that could trigger a sell-off.
Currently, market sentiment is showing signs of optimism as most traders are taking a bullish stance. According to data from Coinglass, approximately 52% of positions currently expect prices to rise, with a long/short ratio of 1.0738. Conversely, 48% of positions are opposing this upward trend of buying pressure.
What’s next for SHIB pricing?
On the 4-hour price chart, weakness is presenting a serious obstacle to SHIB’s $0.0000098 advance, as evidenced by continued rejection. However, buyers are targeting an immediate surge as they prepare to break above the Fib channel. At the time of writing, the SHIB price is trading at $0.0000095, up more than 0.58% from yesterday’s rate.
The price is likely to face resistance at the 20-day exponential moving average (EMA) of $0.00000961, which is an important level to monitor. However, the surge above the 20-day EMA means market sentiment remains bullish with traders taking advantage of the price drop. This scenario increases the likelihood of exceeding the $0.00001 threshold. If this happens, the SHIB price could skyrocket to $0.00001175.
Conversely, a drop below the immediate support at $0.000009 could mean traders are actively taking profits. In this case, the price may face further downside towards the important support zone of $0.0000087-$0.0000075. Buyers may view this level as a potentially profitable accumulation point from which new gains can be made, once again protecting it more aggressively.