Shiba Inu (SHIB) price has slightly rebounded, maintaining levels above $0.000016 in the past 24 hours. The broader crypto market has experienced a recovery, with bullish sentiment fueling expectations of further gains. SHIB has been consolidating throughout the past week, but recent movements suggest a potential breakout. A 35 trillion SHIB outflow and signs of capitulation hint at a possible price surge ahead.
Shiba Inu Price Poised to Triple as 35T SHIB Outflow Hints Capitulation
Shiba Inu value shows signs of a potential rally as exchange outflows and capitulation signals indicate a trend reversal. SHIB has witnessed a significant drop in exchange supply, declining from 141 trillion to 106 trillion tokens since January 4.
This suggests increased investor accumulation and reduced selling pressure, which could support a price surge if demand rises. Historically, declining exchange balances have preceded strong bullish trends in SHIB’s market performance.
Another key indicator, network profit/loss, has recorded a sharp negative spike, signaling capitulation among traders. NPL tracks the average profit or loss of coins moving on-chain daily.
A negative NPL means a large number of SHIB holders are selling at a loss, often a precursor to a market bottom. This capitulation has historically set the stage for a bullish rebound as weaker hands exit the market. If historical trends hold, SHIB could potentially triple its value from current levels to $0.00004923.
SHIB Eyes Major Breakout Amid Recovery
As of Tuesday, February 11, SHIB price hovered at $0.00001641 after a strong recovery, gaining 3% in the past 24-hours.
The price action indicates a potential bullish breakout, forming an inverse head-and-shoulders pattern on the weekly timeframe. This structure suggests a possible rally toward key resistance levels.
The chart shows the first resistance at the neckline level of $0.00003286, which aligns with the previous price action. A successful breakout from this point could push the Shiba Inu price prediction toward its second target of $0.00006029, marking a potential 267% surge from current levels.
The inverse head-and-shoulders pattern, a classic bullish reversal structure, has taken shape over nearly two years. The head was established at the $0.000007 level, while the two shoulders formed at higher lows, indicating growing accumulation. The measured move from the pattern suggests that a significant upside could follow once SHIB clears the neckline.
However, price rejection at the neckline could lead to a temporary retracement. The key support zone is around $0.00001266, which could act as a cushion if selling pressure emerges.
In conclusion, a 35 trillion SHIB outflow and capitulation suggest a bullish reversal. If momentum builds, the SHIB price could triple, reaching $0.00004923 in the coming weeks.
The post 35T SHIB Outflow & Capitulation Hint Shiba Inu Price Could Triple Soon appeared first on CoinGape.
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