Shiba InuSHIB) coin holders, who were instrumental in the meme coin’s recent rally, are driving the potential for another rally. Over the past three days, a significant number of SHIB tokens have been withdrawn from exchanges, signaling high activity.
Once this is in place, the SHIB price could rise above $0.000025. But do other measures correspond to this bias?
Shiba Inu Investors Continue to HODL
On November 23, Glassnode data showed a increase in the number of SHIB tokens on exchanges. Interestingly, this coincided with the token’s price dropping to $0.000024. However, over the past three days, Shiba Inu coin holders withdrew a total of 5.45 trillion tokens from exchanges.
At the cryptocurrency’s current price, that’s worth around $162 million. Typically, when more tokens enter exchanges, it means most holders are willing to sell, which could negatively impact the price.
Since most Shiba Inu coin holders are moving their assets out of these platforms, they do not plan to let go of them in the near term. If it holds, the SHIB price could soon climb.
On top of that, data from IntoTheBlock shows that several short-term SHIB holders have refrained from selling the token in the last 30 days. These data are consistent with the balance by holding period.
When the measure increases, it implies that most holders still have some of the asset in their possession. On the other hand, a decline implies that most are selling, which is bearish for the cryptocurrency.
Therefore, if these short-term Shiba Inu holders maintain their position, the value of the token may not see a significant decline.
SHIB Price Prediction: Token Forms Bullish Flag
On the daily chart, SHIB price formed a bullish flag on the daily chart. A “bull flag” is a technical chart pattern that indicates a potential continuation of an uptrend. It begins with a sharp rise in price (the “mast”) followed by a brief consolidation within a narrow range (the “flag”).
This pattern resembles a flag on a pole and suggests that once the consolidation phase is over, the price is likely to break out. As seen below, SHIB price appears to be following this model. So, if the buying pressure increases, the value of the token could reach $0.000030.
In a very bullish scenario, the value of the crypto could reach $0.000032. On the other hand, if Shiba Inu coin holders decided to move more tokens in exchanges, this trend could change. If this were the case, the meme coin could drop to $0.000020.
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