Shiba Inu (SHIB) recently experienced a price drop, with the current trading price at around $0.00002734. This marks a 3% decline on a daily scale and a 20% drop on a monthly basis. Despite this negative trend, analysts are predicting a potential bullish trend in the near future.
Analysts’ Predictions
Prominent analysts such as Rekt Capital and Jake Gagain are optimistic about SHIB’s future. Rekt Capital notes that SHIB’s current price is at the same level as early 2022, where the asset was rejected for further gains. However, this time around, if SHIB manages to overcome the critical resistance zone, Rekt Capital predicts a triple-digit price increase. Jake Gagain also expresses bullish sentiment towards SHIB and warns against underestimating the potential of the second-largest meme coin by market capitalization.
Exchange Outflows and Positive Developments
One key indicator that points towards a potential rally for SHIB is the significant outflows from exchanges. CryptoQuant data reveals a massive outflow of Shiba Inu from exchanges in the past week. This shift towards self-custody methods signals a reduction in immediate selling pressure, which could bode well for SHIB’s price. Additionally, advancements in the layer-2 scaling solution Shibarium and the burning rate of SHIB are expected to have a positive impact on its price trajectory.
Despite the recent price drop, analysts and market experts remain optimistic about the future of Shiba Inu (SHIB). The critical resistance levels being tested, coupled with the significant outflows from exchanges and positive developments in its scaling solutions, provide a strong foundation for a potential bullish trend. Investors and traders should closely monitor SHIB’s price movements in the coming days as it navigates through key resistance levels and market dynamics.