Can Shiba Inu Coin Holders Push SHIB Price Higher?
Shiba Inu(SHIB) Token holders, who have been instrumental in the meme token’s recent resurgence, are fueling the potential for another rally. A large amount of SHIB tokens have been moved from the exchange over the past three days, indicating active trading activity.
Once this is done, SHIB’s price may climb above $0.000025. But are other indicators consistent with bias?
Shiba Inu investors continue to hold
On November 23, Glassnode data showed The number of SHIB tokens increases About communication. Interestingly, this coincided with the coin’s price dropping to $0.000024. However, in the past three days, Shiba Inu Coin holders have taken away a cumulative 5.45 trillion tokens from the exchange.
At the current price of the cryptocurrency, it is worth approximately $162 million. Typically, when more coins come onto an exchange, it means a majority of holders are willing to sell, which can have a negative impact on the price.
Since most Shiba Inu Coin holders are moving their assets away from these platforms, they don’t plan to let go anytime soon. If this continues, the price of SHIB could climb higher soon.
In addition, IntoTheBlock data shows that some short-term SHIB holders have Not for sale Tokens within the past 30 days. This data is based on holding time balances.
When this indicator increases, it means that most holders still own a large amount of the asset. On the other hand, a decline means most people are selling, which is negative for the cryptocurrency.
Therefore, if these short-term Shiba Inu holders maintain their positions, there may not be a significant drop in the value of the token.
SHIB Price Prediction: Coin Forms Bull Flag
On the daily chart, SHIB price has formed Bull flag on the daily chart. A “bull flag” is a technical chart pattern that indicates an uptrend may continue. It begins with a sharp price increase (a “flagpole”), followed by a brief consolidation in a tight range (a “flag”).
This pattern resembles a flag on a pole, indicating that price may breakout once the consolidation phase is over. As shown below, Prices for SHIB appear to be as follows this pattern. Therefore, if buying pressure increases, the coin’s value could surge to $0.000030.
In a highly bullish scenario, the cryptocurrency’s value could rise to $0.000032. On the other hand, if Shiba Inu Coin holders decide to move As more coins enter exchanges, this trend may change. If this is the case, the memecoin could drop to $0.000020.
Disclaimer
conform to trust project Guide, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to providing accurate and unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult a professional before making any financial decisions. Please note that our terms and Conditions, privacy policyand Disclaimer Updated.
