Why SHIB ‘to the moon’ may be ‘very possible’

• Network profitability sunk, but a bounce off recent lows could be next.
• SHIB’s price might climb to $0.000012 if capital inflow increases.

If history were to repeat itself, then Shiba Inu’s [SHIB] price might be on the verge of a breakout. AMBCrypto came to this conclusion after assessing the Network Realized Profit/Loss.

At press time, Shiba Inu’s Network Realized Profit/Loss had capitulated to -83.49 million.

The metric tracks capital inflows and outflows, and trends in network profitability. Progressively positive values indicate capital inflows and profits realized on-chain.

But when this happens, it increases the probability of hitting a local top. In this instance, SHIB’s price might fall as demand could drop.

However, the negative reading of the Network Realized Profit/Loss indicates high capital outflows. Furthermore, deep low values of the metric could trigger a rebound. Therefore, SHIB could be looking at swinging higher than $0.00001.

All seems set to take SHIB higher

SHIB’s recovery to $0.00001 only happened recently. From our observation, the negative reading of Network Realized Profit/Loss played a part in the climb.

However, the memecoin attempted to hit $0.000011 around the same period. But it could not as bears forced a rejection.

It is important to note that the metric alone cannot dictate if SHIB would head to the moon or not. For context “to the moon” is a phrase used to describe a cryptocurrency’s price soaring to an astronomical valuation.

Therefore, we considered it necessary to analyze other possible catalysts.

One indicator we checked was the Shiba Inu burn. SHIB burn occurs when some of the tokens are removed from circulation. Typically, this destruction is supposed to stabilize the value and potentially increase the price. But as AMBCrypto reported, it does not happen all the time.

At press time SHIB burned in the last 24 hours increased by 298.21%. When combined with the metric initially mentioned, it offers SHIB a higher possibility of breaking out.

If intense buying pressure appears at this stage, SHIB’s price might move toward $0.000011.

The next stop may be $0.000012

When we looked at SHIB from a technical angle, we noticed that the Supertrend flashed a buy signal. But the 4-hour SHIB/USD pair showed that the buy signal was at $0.0000094.

Therefore, the token can fall from $0.00000989. Should the price fall to this level, then traders might consider opening buy orders.

Meanwhile, the Money Flow Index (MFI) showed that Shiba Inu’s capital inflow

had reduced. This decrease implies that some holders were cashing out recent gains while some who have held for a while might be counting their losses.

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Read Shiba Inu’s [SHIB] Price Prediction 2024-2025

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If bulls decide to keep SHIB from plummeting, then the MFI reading could climb. Should the MFI reading increase, SHIB’s price might extend to $0.000012.

From its press time price, this represents a 17.5% increase for the token. Considering the current market sentiment, this does not seem impossible to achieve.