Shiba Inu’s Netflow Surges As Its Price Recovers! Here’s The Next Level For SHIB Price

In the aftermath of Bitcoin’s climb beyond the $41K mark following a brief slump tied to cooling inflation reports, meme coins like Shiba Inu are experiencing a renewed surge. Shiba Inu’s price, which recently faced a steep decline resulting in over $1.5 million in long-liquidation, has rebounded amidst news of a milder inflation rate. However, the trajectory of its upward movement could be approaching a pause as Netflow takes center stage.

The recent positive turn in Shiba Inu’s Netflow, which had previously been in negative territory, signals a shift in market dynamics. Accumulation during price dips has given way to investors moving their holdings to exchanges, potentially elevating selling pressure as they seek profitable exits. This trend may exert a bearish influence on SHIB’s ongoing upward movement, particularly if it reaches a price peak, triggering sell-offs.

Market sentiment currently leans towards bullishness, with approximately 52% of traders anticipating a price rise, as per data from Coinglass. The long/short ratio stands at 1.0738, indicating a prevailing positive sentiment. Conversely, 48% of positions oppose this upward trend, signaling a degree of skepticism in buying pressure.

As SHIB faces a key obstacle at the $0.0000098 mark on the 4-hour price chart, buyers are gearing up for a potential surge, aiming to break above Fib channels. Presently trading at $0.0000095, SHIB has shown a modest increase of over 0.58% from the previous day.

Critical to watch is the 20-day Exponential Moving Average (EMA) at $0.00000961, which could act as resistance. A successful surge above this level would indicate sustained bullish sentiment, potentially propelling SHIB beyond the $0.00001 threshold. In such a scenario, the SHIB price might see a further surge to $0.00001175.

Conversely, a drop below the immediate support of $0.000009 could signal profit-taking by traders, leading to a potential downturn towards the crucial support zone of $0.0000087-$0.0000075. This zone may serve as a strategic accumulation point for buyers eyeing new gains, intensifying the battle between bulls and bears in the Shiba Inu market. Coinpedia