For the first time, Shiba Inu is at a turning point, and it's not just the charts that count. Exchange depositing transactions have dropped to extremely low levels, according to on-chain data, indicating that there isn’t any fresh selling pressure hitting the market.
Shiba Inu exchange flows
This could be interpreted as a bullish sign on the surface, since there would be less supply available to be dumped on the market right away if fewer investors were sending SHIB to exchanges. Compared to previous peaks over 900, the most recent data shows a dramatic decline, with only 222 depositing addresses.
SHIB/USDT Chart by TradingView
This implies that instead of getting ready to sell, traders are keeping their tokens. There is a significant catch, though: Exchanges already have trillions of SHIB on hand. If sentiment turns negative, this enormous stockpile could still have a significant impact on price action, even in the absence of fresh inflows.
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Good old triangle
Technically speaking, SHIB is consolidating in a tight symmetrical triangle, with the price circling $0.0000123. As the token moves closer to the formation’s tip, the structure indicates impending volatility. Although a breakdown below $0.0000120 runs the risk of causing another leg lower, possibly testing $0.0000105, a clear breakout above resistance at $0.0000130-$0.0000131 could pave the way for a relief rally.
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The on-chain metrics show that there is neither new selling pressure nor a sizable influx of new buyers. At 46, the RSI is almost neutral, allowing for a swing in either direction.
The collapsing depositing transactions, which suggest a brief lack of aggressive sellers, are SHIB’s final bullish indicator. However, the downside risk persists due to the sheer number of tokens already present on exchanges. In the meantime, SHIB investors are left to keep a close eye on the price as it coils tighter, hoping to see if the market will collapse due to its own supply or if the breakout will ultimately favor the bulls.
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