Shiba Inu (SHIB) is showing signs of a potential price rebound as nearly 100 billion tokens exited exchanges within a 24-hour period, marking one of the largest single-day outflows in recent months. This significant withdrawal indicates a growing sentiment among investors towards long-term holding, as many are moving their assets to private wallets or cold storage.
The recent price action for SHIB has formed a potential double bottom pattern, a classic technical indicator that suggests a reduction in selling pressure. Over the past two weeks, the price has tested the support zone between $0.0000072 and $0.00000797 on two separate occasions, indicating that buyers are starting to gain control.
On-chain data reinforces this bullish outlook, as wallets continue to withdraw SHIB from exchanges, demonstrating confidence among long-term holders despite the token trading near local lows. Market analyst Ography points out that these technical formations hint at a possible rally, suggesting that traders and long-term investors may find renewed opportunities.
While the cryptocurrency has faced bearish pressure over the past months, including heavy selling by whales and institutional investors, the recent surge in withdrawals may signal a strategic accumulation phase. This shift indicates that holders are positioning themselves for potential price gains and future ecosystem developments.
In summary, the combination of a significant outflow of SHIB tokens from exchanges, the formation of a double bottom pattern, and growing accumulation by long-term holders paints a cautiously optimistic picture for the token”s near-term outlook.
