• Crypto & Funx
• 08 Nov, 2024

A significant 1.67 trillion SHIB has been withdrawn from exchanges in the past 24 hours, indicating strong confidence among long-term investors.

Shiba Inu recently achieved a Golden Cross, a key bullish signal, with the 50-day SMA crossing above the 200-day SMA.

Analysts are optimistic that if SHIB holds the $0.0000023 support level, it could continue rising.

The world’s second-largest meme coin Shiba Inu is eyeing a massive breakout following its recent price activity as analysts predict 60% gains from here. Amid the broader market selloff, SHIB price is down 1.10% at press time, but on-chain metric and technical chart suggests a turnaround ahead.

Crypto analyst Ali Martinez has highlighted a potential bullish pattern for Shiba Inu, noting that the cryptocurrency has formed a bull flag. If SHIB can break through the key resistance level at $0.000025, Martinez suggests that the token could move toward a target of $0.000037. Thus, SHIB investors are eyeing a 60% gain straight-up from here which could be coming within a week’s time.

Courtesy: Ali Charts

Martinez also reported a massive 1.67 trillion SHIB has been withdrawn from exchanges in the past 24 hours. This shows confidence among long-term investors to keep their Shiba Inu holdings intact. The last time a similar spike occurred, Shiba Inu saw a 62% surge in price, leading to speculation that the current trend could signal a potential price rally, noted Martinez.

Courtesy: Ali Charts

While Shiba (SHIB) price shows 36% gains on the monthly chart, it pales in comparison to over 100% gains of its peers like Dogecoin . Pepe Coin , and Bonk Inu . Although SHIB defends its position as the world’s second-largest stablecoin, its gap has widened with Dogecoin.

Shiba Inu Price Eyes for A Golden-Cross

Shiba Inu is currently trading at $0.00002545, marking a 15% decline from its peak on November 12th. However, analysts such as $SHIB KNIGHT and $SHIB MORTAL suggest that the cryptocurrency’s charts are looking strong and promising for a breakout.

Notably, SHIB recently achieved a Golden Cross on its daily chart, with the 50-day Simple Moving Average (SMA) crossing above the 200-day SMA. This is a bullish indicator, especially given that the last cross was a death cross in July, which preceded a substantial price decline.

Courtesy: TradingView

Analysts are optimistic that if Shiba Inu can hold the support level at $0.0000023, it could continue its upward momentum. Ibrahim Ajibade, an analyst, stated that a breakout above the upper Donchian Channel at $0.00003045 could lead to a more bullish scenario for SHIB.

It seems that Shiba Inu is all ready to catch up with Dogecoin’s gains amid strong on-chain and technical indicators.