In the past 24 hours, a staggering 1.67 trillion $SHIB tokens have been withdrawn from exchanges, signaling heightened investor confidence and reduced selling pressure.
Historically, similar withdrawal spikes have preceded significant price increases; for instance, Shiba surged by 62% following a comparable outflow.
1.67 trillion $SHIB have been withdrawn from exchanges in the past 24 hours.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
Key $SHIB Resistance at $0.000025
Shiba Inu currently faces a critical resistance level at $0.000025. At this price point, around 40,000 wallet addresses collectively purchased 54.6 trillion $SHIB. A sustained daily close above this threshold could act as a springboard, propelling the token towards its next target of $0.000039.
#ShibaInu faces resistance at $0.000025, where 40,000 addresses bought 54.6 trillion $SHIB. A sustained close above this supply barrier could take #SHIB to $0.000039. pic.twitter.com/A3UlykuzCh
— Ali (@ali_charts) November 20, 2024
Bullish Flag Formation
Adding to the bullish sentiment, $SHIB has formed a bull flag pattern—a classic technical indicator of upward continuation. If the token can decisively break through the $0.000025 resistance, this pattern projects a potential price movement to $0.000037 in the near term.
#ShibaInu forms a bull flag, signaling a move to $0.000037 if $SHIB can break past the $0.000025 resistance. pic.twitter.com/PFbTQtfbZb
— Ali (@ali_charts) November 21, 2024
Market Implications
The withdrawal of such a large volume of tokens from exchanges suggests that investors are opting to hold their $SHIB in private wallets, reducing its circulating supply and increasing the likelihood of upward price pressure. This behavior often aligns with expectations of a price rally.
However, breaking past the $0.000025 barrier will be key. A failure to overcome this resistance could result in a prolonged consolidation phase. Conversely, a strong breakout above this level could attract new buyers and further fuel Shiba’s momentum.
As the market watches closely, $SHIB’s ability to breach its resistance levels will determine whether the token can capitalize on its current bullish setup and achieve its projected targets. Investors should monitor market activity and broader crypto trends to assess the likelihood of sustained growth.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!
Source: https://nulltx.com/shiba-shib-withdrawals-surge-as-bullish-momentum-builds/