In recent days, Shiba Inu (SHIB) has shown significant changes in the market. This article analyzes the current state of the token, including the decline in exchange deposits and possible scenarios for its future movement.
Shiba Inu Deposit Dynamics
Data on Shiba Inu deposits on exchanges show a significant decline, indicating a lack of fresh selling pressure in the market. Only 222 depositing addresses were recorded, compared to over 900 in the past.
Technical Analysis and Volatility
Technical indicators show that SHIB is consolidating in a symmetrical triangle with prices hovering around $0.0000123. As the price approaches the tip of this formation, volatility is expected. A breakdown below $0.0000120 could accelerate a drop to $0.0000105, while a breakout above resistance at $0.0000130-$0.0000131 could lead to potential growth.
Shiba Inu Prospects and Short-term Risks
Currently, there is neither new selling pressure nor a significant influx of new buyers. The Relative Strength Index (RSI) stands at 46, indicating a neutral market. Despite declining deposits, which may serve as a bullish signal, large supplies of the token on exchanges remain a risky factor that could impact price movement.
Shiba Inu investors are now in wait-and-see mode regarding market behavior under the current token supply. All eyes are on the price levels as the situation could unfold in favor of either bulls or bears, depending on future market movements.
