Shiba Inu Exchange Supply Declines as Price Rally Faces Key Resistance
Shiba Inu (#SHIB) has experienced a 10% weekly increase but the price rally has stalled. Key points include:
- Current price: $0.00001359 with a market cap of over $8 billion.
- SHIB has broken out of a symmetrical triangle pattern; crossing $0.00001438 may lead to a stronger breakout.
- Next resistance levels are at $0.00001469, $0.00001518, and an upside target of $0.00001599.
Exchange Supply Decline
- SHIB exchange supply decreased from 122.54 trillion tokens on July 31 to 121.31 trillion by August 11, indicating lower selling pressure.
- This decline supports bullish conditions for price maintenance.
- Price movements correlate with supply changes observed in late July and early August.
On-Chain Indicator Insights
- While declining exchange reserves generally suggest bullish momentum, Spent Coins Age Bands have risen, indicating potential profit-taking by long-term holders.
- Recent increases in this metric could add supply to the market, counteracting the bullish effects of low exchange balances.
- Historical patterns show that peaks in Spent Coin Age Bands often precede price corrections for SHIB.
Traders should monitor SHIB's exchange balances and on-chain indicators closely to gauge market sentiment and potential risks to the current rally.