Why is the price of Shiba Inu growing

While Bitcoin beats records, Shiba Inu is just starting its rise. Over the past 24 hours, the price of Shib has increased by almost 4%, following the total market trend. In a week, growth was about 15%

We figure out what is happening on the Shiba Inu (Shib) market and what to expect from the price of cryptocurrency.

SHIB stocks on exchanges are reduced

When the asset leaves the bull pattern, it is important to monitor the reserves on the exchanges – they show how much offer can be sold instantly.

In the case of SHIB, on July 31, the balance sheets amounted to 122.54 trillion tokens, decreasing to 121.31 trillion by August 11 – by almost 1%. This indicates a decrease in sales pressure, creating favorable conditions for bulls in order to continue the increase in the price of Shiba Inu.

After a decrease in the offer on exchanges on August 11 to monthly minimums, the price of Shiba Inu (Shib) began to grow. Similar changes in prices caused by a change in the supply were observed earlier this month: July 24 and August 6.

With the increase in price, the offer on exchanges increased slightly from the August minimums. Traders should follow the Shib balance on the exchanges.

Risks for Shiba Inu

Although the reduction in exchanges on exchanges is a bull signal, the growth of the Spent Coin Age Bands indicator can interfere with this. This indicator shows when old, previously inactive coins begin to move, which often indicates the fixation of profit by long -term holders.

In early August, the indicator reached multinodellast minimums, but now it has risen to the levels that were last observed on July 24, right before correction. This growth can return the supply to the market, leveling the advantages of low balances on exchanges.

The schedule shows that whenever the metrics of the age of the coins spent reached the local maximum, this was followed by the CHIB price correction. This is the current risk for the rally, which traders should remember.

Shiba Inu Forecast: Balance between growth and risk

At the time of writing this analysis, Shib is traded at $ 0.00001368 and continues to grow. The most encouraging is a way out of a symmetrical triangle. A breakthrough above $ 0.00001438 will strengthen this movement.

The following resistance levels are $ 0.00001469 and $ 0.00001518, with a possible movement of up to $ 0.00001599, if the pulse remains. Although the metrics of the coins spent and offers on exchanges contradict each other, the growth of bull force confirmed by the Bull-Bear indicator may indicate further growth.

The cancellation zone is between $ 0.00001318 and $ 0.00001224. The fall below this level can return control to bears.

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