The Shiba Inu price rallied to as high as $0.00001413 in the past 24 hours, after breaking above a symmetrical triangle pattern in technical analysis of its daily candlestick timeframe chart. An important factor in this move is the massive drop in SHIB exchange reserves, which fell from 122.54 trillion on July 31 to 121.31 trillion by August 11. Lower exchange balances often indicate reduced immediate selling pressure, allowing bullish momentum to take hold more easily.
Such a reduction holds a strong importance in the context of crypto markets. When fewer tokens are stored on exchanges, it often reflects scenarios of long-term holders moving their coins into cold storage and whales accumulating with no immediate intent to sell. Both outcomes ultimately reduce short-term sell pressure and create a supply squeeze that can contribute to bullish price movements when buying demand increases.
At the time of writing, Shiba Inu is trading at $0.00001308. From here, every price move can move in any direction. However, the declining exchange supply is likely to tilt the price action onto the bullish side.
