Shiba Inu has remained in a consolidation phase over the past few weeks, despite the ongoing altcoin season. Still, the slowly forming triangle pattern and the tumbling exchange balances point to a big move ahead.
Summary
Shiba Inu (SHIB) token was trading at $0.000013 on Sunday, Sep. 21, inside a narrow range it has remained at in the past few days. This price is about 28% above the lowest level this year.
A potential catalyst for the SHIB price is that investors continue moving their tokens from centralized exchanges. Precisely, over 5 trillion tokens have left exchanges to the current 283 trillion.
Falling tokens on exchanges is a bullish sign that there is reduced selling pressure. Historically, large exchange outflows precede price rallies, as it suggests that holders are not looking to sell them in the short-term.
Similarly, moving tokens to cold storage or self-custody wallets is a sign that investors plan to hold them in the long term. It is a reflection of confidence in the asset’s future.
The ongoing exchange exit of Shiba Inu tokens has coincided with the robust accumulation by investors. These investors now hold over 12.15 billion tokens, a 103% monthly increase.
Their buying is likely a sign that these investors anticipate a rebound and a limited impact of the recent Shibarium hack. It is also a contrarian bet that the coin will take part in the altcoin season.
The daily timeframe chart shows that the SHIB price remained in a tight range in the past few days. It was trading at $0.000013, which is along the 50-day Exponential Moving Average.
The token has formed a symmetrical triangle pattern whose two lines are nearing their confluence level. Also, the two lines of the MACD indicator have settled at the neutral level, while the Average True Range has retreated.
Therefore, the token will likely have a bullish breakout in the near term, with the next important resistance being at $0.0001592, which is about 25% above the current level. A move below the lower side of the triangle pattern will invalidate the bullish Shiba Inu price forecast.
