Can Shiba Inu Coin Owners Raise SHIB Value?
Holders of the Shiba Inu (SHIB) coin, instrumental in the meme coin's recent recovery, are leading the potential for another rally. Over the past three days, a large number of SHIB tokens have been withdrawn from exchanges, indicating strong activity.
At this point the value of SHIB can increase by more than $0.000025. But are other parameters consistent with discrimination?
Shiba Inu investors continue to HODL
In the year On November 23, Glassnode data showed an increase in the number of SHIB tokens on exchanges. Interestingly, this coincided with the token's price drop to $0.000024. However, in the past three days, Shiba Inu coin holders have taken a total of 5.45 trillion tokens.
At current cryptocurrency prices, this value is around $162 million. Normally, when more tokens enter the exchanges, most of the owners are willing to sell them, which can have a negative impact on the price.
As most Shiba Inu coin holders move their assets from these platforms, they have no plans to leave anytime soon. If it continues, SHIB's price may rise soon.
In addition to this, data from IntoTheBlock shows that many short-term SHIB holders have refrained from selling the token in the past 30 days. This information is based on the timed balance.
As the scale increases, it shows that many holders still have a piece of the property in their hands. On the other hand, the decline indicates that most are selling, which is bearish for the cryptocurrency.
Therefore, if these short-term Shiba Inu holders remain in position, the token's price may not experience a significant drop.
SHIB Price Prediction: Token Forms Bull Flag
On the daily chart, SHIB price has formed a bullish flag on the daily chart. A “bull flag” is a technical chart pattern that indicates the possibility of an uptrend. It begins with a high price rise (“flag”) followed by a short consolidation in a narrow range (“flag”).
This pattern is similar to a flag on a pole and indicates that once the consolidation phase is over, the price may go up. As shown below, the price of SHIB seems to follow this pattern. Therefore, if buying pressure increases, the price of the token may rise to $0.000030.
In a very surprising way, the crypto price could rise to $0.000032. Conversely, this trend could change if Shiba Inu coin holders decide to transfer more tokens to exchanges. If this is the case, MemCoin may drop to $0.000020.
Disclaimer
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