The Shiba Inu price is up more than 3% over the last 24 hours to exchange hands at $0.00000815 as of 10:30 a.m. EST.
SHIB is up 13% over the last month, reaching as high as $0.00000852 on Monday, the highest level reached in nearly three months.
Its 24-hour trading volume is up 35% reinforcing increased investor interest experienced since Oct. 19. This adds to other bullish fundamentals including on-chain data and the technical setup, indicating price growth over the next few days or even weeks.
The SHIB Army appears to have decided to continue holding on to their tokens as evidence in increased Shiba Inu outflows from exchanges. Data from Santiment shows that the number of SHIB tokens held on exchanges has been decreasing as outflows increase over the last few days.
Exchange outflows are used to show that investors are not willing to sell. Instead, they are moving their assets to private custody in anticipation for price growth in near term due, which is bullish for the popular meme coin.
SHIB Exchange Outflows
Shiba Inu Price Analysis
Shiba Inu was trading at the $0.00000815 support level with the bears determined to pull it lower. A daily candlestick close above this level would suggest that the bulls are aggressively defending this level. This would see them push Shiba Inu to confront resistance from the 200-day Exponential Moving Average (EMA) at $0.00000833 and later to the $0.00000950 level.
Higher than that, the next logical move would be the $0.000010 psychological level that would see the “Dogecoin-killer” reduce one of the zeros. Such a move would trigger massive buy orders that would see SHIB rise to tag the $0.00001066 resistance level. This would represent a 31% ascent from the current price.
SHIB/USD Daily Chart
The Relative Strength Index (RSI) is still above the midline in the positive region at 60, while the Awesome Oscillators (AO) remains in the positive territory. These add credence to the bullish thesis.
The moving averages also provided areas of strong defense on the downside at $0.00000760 and $0.00000775 embraced by the 50-day and 100-day EMAs respectively. Any attempts to pull SHIB below these levels would be met by intense buying from these levels.
Conversely, daily candlestick close below $0.00000815 could send Shiba Inu price south, potentially flipping the moving averages back to resistance.
Increased selling pressure could send the price of the second largest meme coin by market capitalization, to potentially test $0.0000075 and $0.00000t0 psychological levels respectively.
In the worst case scenario, the sell-off could send the Shiba Inu price to test the support floor at $0.00000650. Such a move would constitute a 20% descent from current levels.
Source: https://www.analyticsinsight.net/shiba-inu-price-prediction-shib-jumps-13-to-0-0000085-where-next/