Investors who own Shiba Inu (SHIB), which has played a key role in Meme Coin’s recent rally, are fueling the potential for a new rally. Over the past three days, a large amount of SHIB Tokens have been transferred off exchanges, showing strong activity.
With this situation, SHIB’s price could surpass 0.000025 USD. But do other indicators match this expectation?
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 a Token price drop to $0.000024. However, over the past three days, Shiba Inu investors have withdrawn a total of 5.45 trillion tokens from exchanges.
At the cryptocurrency’s current price, that equates to about $162 million. Often when more Tokens are posted to exchanges, it is a sign of a majority of holders willing to sell, which can negatively affect the price.
As the majority of Shiba Inu investors move their assets out of these platforms, they have no intention of giving up in the short term. If this holds, SHIB prices could soon move higher.
Besides, data from IntoTheBlock shows that some short-term SHIB holders have not sold Tokens in the past 30 days. This data is based on holding period.
When this index increases, it implies that the majority of investors still keep a portion of their assets on hand. On the contrary, a decline indicates that many people are selling, which is a bad signal for this cryptocurrency.
Therefore, if these short-term Shiba Inu investors maintain their positions, the Token’s value may not be at risk of a significant decline.
SHIB Price Prediction: Token Forms Bull Flag
On the daily chart, SHIB price has formed a bull flag pattern. A “bull flag” is a technical chart pattern that indicates the possibility of an uptrend continuing. It begins with a sharp price burst (flagpole) followed by a short-term accumulation period in a narrow range (flag).
This pattern resembles a flag on a pole and indicates that when the accumulation phase ends, the price is likely to break out. As seen below, SHIB’s price seems to be following this pattern. Therefore, if buying pressure increases, the Token value could increase to 0.000030 USD.
In an extremely optimistic scenario, the value of the cryptocurrency could increase to 0.000032 USD. Conversely, if Shiba Inu coin holders decide to move more tokens into exchanges, this trend may change. If that happens, the price of the meme coin could drop to $0.000020.