Shiba Inu (SHIB) has witnessed a price jump of around 9% over the past seven days. However, it struggled to maintain that movement in the past 24 hours, raising speculation of a possible price decline. Despite this, SHIB saw significant outflows from exchanges, which could indicate a shift in trend.
According to data from Santiment, SHIB’s exchange outflow spiked from less than 4 billion to 57.02 billion. This outflow suggests investors are transferring their holdings to wallets rather than selling, indicating increased confidence and bullish sentiment towards SHIB.
If this trend continues, SHIB might attract more buyers and experience further price increases. A similar outflow surge occurred in September, which saw SHIB's price rise shortly after.
BeInCrypto noted a drop in the Network Value to Transaction (NVT) ratio. A falling NVT ratio suggests that SHIB's transaction volume is growing faster than its market cap, indicating a favorable buying point.
On the technical analysis front, SHIB recently broke out of a descending triangle pattern it had been trading within since late August. With current prices at $0.000015, bullish signals from the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) indicators suggest further upward momentum.
If SHIB can maintain this momentum, it could break resistance at $0.000015 and move towards $0.000017. However, failure to asert the breakout might see its price drop to $0.000013.
