After a steep decline, SHIB recovers amid cooling inflation, sparking increased accumulation.
Investors move SHIB to exchanges, suggesting a shift from accumulation to selling pressure.
Market sentiment for SHIB remains bullish, with potential to surpass the $0.00001 threshold.
Shiba Inu (SHIB), a prominent player in the cryptocurrency market, has recently shown a noteworthy recovery following a steep decline that resulted in over $1.5 million in long-liquidations. This resurgence is attributed to the news of a cooling inflation rate, leading to an increased accumulation of SHIB near its lows.
However, this rising trend faces potential headwinds. A significant increase in Netflow indicates a shift in investor behavior. Initially, the negative Netflow, marked by higher outflows than inflows, suggested that investors were accumulating SHIB during price dips.
But now, with a positive spike in the Netflow, inflows are surpassing outflows, hinting at investors moving their holdings to exchanges for potential selling opportunities. This trend may exert bearish pressure on SHIB’s current upward movement, especially if it reaches a price peak and triggers sell-offs.
SHIBA INU Price Prediction 2023 to 2032: Will SHIB Price hit $0.00004 Soon?
Despite these challenges, the current market sentiment around Shiba Inu leans towards bullishness. According to data research, approximately 52% of positions are betting on a price rise, with a long/short ratio of 1.07. This optimistic outlook enhances the likelihood of SHIB surpassing the $0.00001 threshold, potentially soaring to $0.0000118.
The future of Shiba Inu (SHIB) in the cryptocurrency industry looks promising. Despite market fluctuations, the token’s ability to recover and attract bullish sentiment points to its potential for sustained growth and adaptation in the evolving crypto landscape.
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The post How Bullish Bets Could Lead SHIB to Break the $0.00001 Barrier appeared first on Crypto News Land.
