- Shiba Inu (SHIB) is showing strong bullish signals as a massive 35 trillion SHIB outflow from exchanges and capitulation indicators suggest a potential price rally, with projections indicating a possible 267% surge.
- If SHIB successfully breaks key resistance levels, it could triple in value, reaching $0.00004923 in the near future.
Shiba Inu (SHIB) is once again making headlines as major market indicators suggest a potential breakout. The meme coin, which has been consolidating for the past week, now exhibits bullish signs that could lead to a significant price surge. With a massive 35 trillion SHIB tokens exiting exchanges and capitulation signals emerging, investors are eyeing a possible rally that could see the price triple in the coming weeks.
SHIB Price Gains Momentum Above Key Support Levels
Over the past 24 hours, SHIB has managed to maintain its position above the $0.000016 support level. A broader market recovery has helped fuel bullish sentiment, and recent technical patterns suggest a major breakout could be imminent. The price action forms an inverse head-and-shoulders pattern, a classic bullish reversal indicator that often precedes significant upward movement.
35 Trillion SHIB Outflow: What Does It Mean?
One of the most bullish signs for SHIB is the substantial decline in exchange-held tokens. Since January 4, the supply of SHIB on exchanges has dropped from 141 trillion to 106 trillion tokens. This suggests that investors are accumulating rather than selling, reducing overall selling pressure. Historically, declining exchange balances have been a precursor to major price rallies in SHIB’s market performance.
Additionally, another key indicator, the Network Profit/Loss (NPL) metric, has recorded a sharp negative spike. This suggests capitulation, meaning a large number of traders have sold at a loss. While this might seem negative at first glance, it often marks a market bottom and a setup for a bullish reversal. If history repeats itself, SHIB could be on the verge of a major price explosion.
How High Can SHIB Go? Price Targets to Watch
Current technical analysis shows that SHIB’s price action is forming a bullish inverse head-and-shoulders pattern on the weekly chart. This structure, which has been forming over nearly two years, suggests a measured move that could push SHIB toward key resistance levels:
- First target: $0.00003286 – The neckline resistance of the pattern. A successful breakout could confirm a bullish trend.
- Second target: $0.00006029 – This would represent a potential 267% surge from current levels.
- Potential retracement zone: If SHIB faces rejection at resistance, the key support level to watch is $0.00001266.
Final Thoughts: SHIB’s Bullish Future?
With 35 trillion SHIB tokens leaving exchanges and strong capitulation signals in play, the stage is set for a potential bullish breakout. If market conditions hold steady and investor sentiment continues to improve, SHIB could triple in value, potentially reaching $0.00004923 in the near future. While risks remain, including potential price pullbacks, traders and investors are watching closely as Shiba Inu gears up for what could be a monumental rally.