Key positive signal emerging for Shiba Inu in medium to long term
Oftentimes, outflows, which occur when cryptocurrencies are removed from exchanges, signify that investors are transferring their crypto assets to storage, which can be a bullish signal. This can be because investors now want to store their assets safely rather than immediately sell them. This suggests that investors might believe that prices are about to rise.
Exchange inflows and outflows often depict the moves of whales or large holders, which may be important because whales are more likely to buy when markets bottom and sell when markets rise, setting the trend for ordinary investors.Shiba Inu has been steadily declining since reaching a high of $0.00000854 on Aug. 23. Shiba Inu could be on track for its fifth consecutive day of losses if it closes in the red today.
A bearish"death cross" formation on the Shiba Inu four-hour chart, as previously reported, may have reinforced the bears. The good news is that a reversal appears to be on the way as SHIB approaches oversold levels. The SHIB daily RSI is currently at 40, suggesting that the bears have a tiny advantage for the time being. The fact that the RSI has flattened at this level means that there is a greater chance of consolidation or range trading before the next significant move.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Shiba Inu (SHIB) Might Start Week Off With Bullish ReversalDespite poor performance in last few days, Shiba Inu can have bullish beginning of week
Read more »
Only 76 Trillion SHIB Left For Shiba Inu's Price to Move ForwardShiba Inu's move forward is more than possibility, according to on-chain metric
Read more »
Shiba Inu (SHIB) and Shibarium Achieve Two Big Milestones: DetailsShibarium blockchain attracting new users
Read more »
Shiba Inu’s Shibarium Officially Live But SHIB Price SuffersDespite the positive news, SHIB is down 2% on the day.
Read more »
Here is How Much Shiba Inu (SHIB) Left Exchanges in the Past WeekThe outflows registered on August 23 were almost 870 billion SHIB, or 43% of the total withdrawals.
Read more »
SHIB Price Down, Top Shiba Inu Team Member Explains WhyProminent member of Shiba Inu team shares her take on why SHIB price currently going down
Read more »