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A major bullish development has just stunned the Shiba Inu (SHIB) community. Shiba Inu, the second largest meme coin in terms of market capitalization, has triggered a price rebound today. It appears that crypto traders are also supporting this rally, as notable buying activity has been detected on-chain.
More that 620 billion SHIB tokens, according to CryptoQuant, were withdrawn from crypto exchanges on Aug. 21. This massive rise in exchange outflows is a positive signal for the meme coin about what lies ahead for it. These figures are showing the start of a strong accumulation trend, which can result in a huge price rally in the coming days.
Shiba Inu was struggling to show any momentum in the past few days, and the market witnessed strong selling pressure. However, the sentiment appears to be shifting now with this latest surge in exchange outflows and the withdrawal of 620 billion SHIB tokens. This trend might have impacted today’s price surge as well.
Shiba Inu price movement
The price of SHIB, according to CoinMarketCap, has rallied 4.15% to $0.00001422 in the last 24 hours. Along with it, the trading volume of the meme coin has soared 20.74% to a whopping $208.25 million. Moreover, there is also a notable jump of 4.13% in Shiba Inu’s market cap, which currently stands at $8.38 billion.
The SHIB price has been getting rejected around the $0.000013 level over the past few weeks. Now that it has cleared this resistance level, it is likely that the Dogecoin (DOGE) rival will hit next highs and sustain today’s rally. Another crucial indicator is also revealing an interesting price outlook for one of the most popular meme coins.
The RSI of Shiba Inu is currently at the 48.14 level. Typically, the RSI range between 30-60 means that the market is in oversold territory, and the bearish pressure is cooling down. Moreover, this level typically results in a notable rally in the short term. Overall, multiple metrics are hinting at a potential bull run for Shiba Inu.
Alex Dovbnya
Vladislav Sopov
Dan Burgin
U.Today Editorial Team