Holders of Shiba Inu coin (SHIB), instrumental in the memecoin’s recent rally, are fueling the potential for another rally. Over the past three days, a significant number of SHIB tokens have been withdrawn from exchanges, signaling strong activity.
With this, the SHIB price could rise above $0.000025. But are other indicators in line with this trend?
Shiba Inu Investors Continue to HODL
On November 23, data from Glassnode showed an increase in the number of SHIB tokens on exchanges. Interestingly, this coincided with the token’s price dropping to $0.000024. However, in the past three days, Shiba Inu holders have withdrawn a total of 5.45 trillion tokens from exchanges.
At the current price of the cryptocurrency, this is worth around $162 million. Typically, when more tokens enter exchanges, it means that most holders are willing to sell, which can negatively impact the price.
Since most Shiba Inu holders have moved their assets away from these platforms, they do not plan to dump them in the short term. If this continues, the price of SHIB could rise soon.
Change in Shiba Inu Net Position on Exchanges. Source: Glassnode
Additionally, data from IntoTheBlock shows that several short-term SHIB holders have avoided selling the token over the past 30 days. This data is according to Balance by Time Held.
When the indicator rises, it implies that the majority of holders still own a portion of the asset. On the other hand, a fall implies that the majority are selling, which is negative for the cryptocurrency.
Therefore, if these short-term Shiba Inu holders hold their position, the token’s value may not experience a significant drop.
Shiba Inu Balance by Ownership Time. Source: IntoTheBlock
SHIB Price Prediction: Token Forms Bullish Flag
On the daily chart, the SHIB price has formed a bullish flag. A “bullish flag” is a technical pattern that indicates a possible continuation of an uptrend. It starts with a sharp price rise from the “flagpole”, followed by a brief consolidation in a narrow range at the “flag”.
This pattern resembles a flag on a flagpole and suggests that once the consolidation phase is over, the price is likely to break out. As seen below, the SHIB price seems to be following this pattern. Thus, if buying pressure increases, the token’s value could rise to $0.000030.
Shiba Inu Daily Analysis. Source: TradingView
In a highly optimistic scenario, the value of the crypto could rise to $0.000032. On the other hand, if Shiba Inu holders decide to move more tokens to exchanges, this trend could change. In this case, the memecoin could fall to $0.000020.
The article Is the movement of 5.45 trillion SHIB tokens a bullish trend? was first seen on BeInCrypto Brasil.
