A significant positive signal is developing for the medium- to long-term performance of the dog-themed cryptocurrency asset Shiba Inu (SHIB), despite the fact that its price may be falling.
A startling two trillion SHIB tokens were reportedly taken from well-known crypto exchange accounts in this past week, according to crypto expert Ali.
Outflows, which happen when cryptocurrencies are taken off exchanges, sometimes represent investors moving their crypto assets to storage, which may be a bullish indicator. This could be due to the fact that investors now choose to carefully retain their assets rather than instantly sell them. The implication is that investors may think that prices are set to increase.
Exchange inflows and outflows frequently show the actions of whales or huge holdings, which may be significant since whales are more likely to purchase when markets are at their lowest and sell when they are at their highest, setting the trend for regular investors.
Shiba Inu price action
Shiba Inu has been continuously losing value ever since it peaked on August 23 at $0.00000854. If Shiba Inu finishes in the red today, it may be headed for its sixth straight day of losses.
As previously mentioned, a bearish “death cross” pattern on the Shiba Inu four-hour chart may have strengthened the bears. The good news is that as SHIB approaches oversold levels, a reversal seems to be imminent.
The bears appear to have a little advantage for the time being, according to the SHIB daily RSI, which is now at 40. The RSI has flattened at this level, which increases the likelihood that there will be consolidation or range trading before the next big move.
Shibarium’s relaunch and the optimistic action from exchanges may function as a catalyst for the price of SHIB. The general market trend can also have an impact on the direction of SHIB’s future price movement.
Following the decline in the cryptocurrency market at the beginning of the week, SHIB was down 2.10% in the previous 24 hours to $0.00000794 at the time of writing.
