After a weekly gain of 10%, Shiba Inu is trading at $0.00001359 and has broken the symmetrical triangle pattern for an upward trajectory.
After a weekly increase of 10%, the price increase of Shiba Inu SHIB$ 0.000012 has stagnated. However, the drop in SHIB supply on exchanges may serve as a catalyst for the future.
SHIB has been underperforming in the altcoin market recently, but technical chart patterns suggest that this is about to change. Investors are nervous about the confrontation between bulls and bears at a critical point.
At the time this article was written, the price of Shiba Inu was trading at $0.00001359, remaining slightly above the market value of $8 billion. The positive aspect of SHIB's price action is that it has broken the symmetrical triangle pattern. If SHIB surpasses $0.00001438, it could trigger a stronger breakout.
If SHIB's upward momentum persists, the next resistance levels are positioned at $0.00001469 and $0.00001518, with a potential upside target of $0.00001599.
Decrease in Shiba Inu Supply on Exchanges
Amid the ongoing price movement, the supply of Shiba Inu on exchanges has been decreasing rapidly. On July 31, the SHIB balances on exchanges were 122.54 trillion tokens, dropping to 121.31 trillion on August 11, a decrease of nearly 1%.
This reduction indicates less selling pressure, creating favorable conditions for investors to maintain the price increase.
