Shiba Inu’s on-chain metric is showing a positive sign that suggests we could see a bullish run soon. As posted by Ali on X, 1.67 trillion SHIB tokens have been withdrawn in the past 24 hours.
These metrics have triggered an over 60% price surge in the past. This suggests we could see something similar again.
1.67 trillion $SHIB have been withdrawn from exchanges in the past 24 hours.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
Will SHIB Price Rally Again?
A look into Shiba Inu’s price action shows a mixed picture. The price has been trading sideways for the past week, with candlesticks forming upper and lower wicks. This candlestick formation makes it challenging to determine where the price is headed next.
One thing that gives us an idea is that the price is currently struggling to break a strong support level at around $0.00002441. This level has held the price from declining further since it started consolidating. If it continues to hold, we could see a spike to higher levels.
However, breaking this level could take the price down to a trendline support, from which it has consistently gained liquidity in the past.
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The trendline has prevented the price from falling in September, October, and earlier this month. It appears to be the point where buyers get liquidity.
In case there isn’t much momentum to move upward, SHIB’s price may need to revisit the trendline for an opportunity for a bullish reversal (this will be the next option if the ongoing support breaks).
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