Shiba Inu (SHIB) shows early signs of a rebound as it forms a potential double bottom. Over the past two weeks, the price has repeatedly bounced off a key support zone, indicating waning downside momentum and a possible shift toward upward movement.
SHIB’s price has tested and held the $0.0000072–$0.00000797 support zone twice, forming a classic double bottom. This technical pattern suggests selling pressure is waning, and buyers may be gaining control, historically signaling a potential upward rebound and fueling trader optimism.
On-chain data points to growing accumulation. Despite trading near local lows, wallets are steadily withdrawing SHIB from exchanges, signaling confidence from long-term holders.
Combined with the emerging double bottom pattern, this suggests a cautiously optimistic outlook for SHIB in the near term.
Shiba Inu Sees Massive Exchange Withdrawal as 100 Billion SHIB Tokens Exit in 24 Hours
Leading crypto trackers report nearly 100 billion SHIB tokens exited exchanges within 24 hours, one of the largest single-day outflows in recent months.
Such massive withdrawals suggest holders are shifting assets to private wallets or cold storage, signaling a strong long-term holding sentiment.
Well, Shiba Inu’s recent record outflows reveal a key dynamic: on-chain activity isn’t always reflected in market prices.
While SHIB lingers near local support, massive withdrawals suggest growing investor conviction, pointing to a strategic accumulation phase as holders prepare for potential price gains and upcoming ecosystem developments.
Meanwhile, after months of bearish pressure and heavy whale and institutional selling, Shiba Inu is depicting early signs of a potential rebound. Market analyst Ography highlights technical patterns that suggest a possible rally, signaling renewed opportunities for traders and long-term investors.
Source: https://zycrypto.com/shiba-inu-bulls-awaken-as-double-bottom-hints-emerge-with-100-billion-shib-leaving-exchanges/
