Shiba Inu (SHIB) has exhibited strong bullish signals both technically and on-chain. SHIB decisively broke a descending trendline that had capped its price for over a month, while massive token outflows from exchanges indicate a shift toward accumulation.
Trendline Break and 50-Day MA Reclaim
According to data cited by CryptoComLearn, SHIB surged above a key resistance trendline, marking its first clear breakout in weeks. The price also reclaimed the 50-day moving average (MA), a widely watched short-term bullish indicator. Analysts say maintaining above this level is crucial for sustained upward momentum.
133 Billion SHIB Outflows and On-Chain Data
Data from CryptoQuant reveals that approximately 133 billion SHIB tokens were withdrawn from exchanges in the last 24 hours, resulting in negative net flow. This suggests holders are moving tokens to self-custody for long-term holding or staking, reducing selling pressure. Additionally, trading volume surged 41%, reflecting renewed buying interest.
Price Target and Key Risks
On the longer-term chart, SHIB appears to be in an accumulation phase. If the breakout holds, the next major target sits at $0.00000673, offering significant upside from current levels. However, holding support at the previous resistance zone and the 50-day MA is essential for the rally to continue. A drop below these levels could trigger a pullback.
Previous news highlighted a 1034% spike in SHIB's burn rate but also a 64% decline in investment returns over the past year, underscoring lingering volatility risks. Investors are advised to conduct their own due diligence.