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Shiba Inu Breaks Out as Bitcoin Hits New Highs
While Bitcoin continues to set new all-time highs, Shiba Inu appears to be preparing for its own rally. Over the past 24 hours, SHIB has climbed nearly 4%, adding to a seven-day gain of roughly 15%. The move comes as the token breaks out of a bullish symmetrical triangle, although on-chain data presents a mixed outlook for the days ahead.
Exchange Balances Decline, Easing Sell Pressure
One of the clearest bullish signals for SHIB has been a reduction in exchange-held supply. Between July 31 and August 11, exchange balances fell from 122.54 trillion to 121.31 trillion tokens — a drop of almost 1%. This decline suggests reduced immediate sell pressure, creating more favorable conditions for price appreciation.
Following the August 11 low in exchange balances, SHIB’s price began to climb, echoing similar supply-led rallies earlier in the month. However, balances have edged slightly higher since that point, indicating that traders should monitor these levels closely.
Dormant Coins Return to Circulation
Countering this bullish factor is a rise in the “Spent Coin Age Bands” metric, which tracks older, previously dormant coins moving back into circulation. This often signals profit-taking by long-term holders.
After hitting multi-week lows in early August, the metric has rebounded to levels last seen on July 24 — just before SHIB’s last correction. Historically, local peaks in this indicator have preceded short-term pullbacks.
Key Price Levels Ahead
SHIB is now trading above $0.00001368, keeping its breakout intact. A move beyond $0.00001438 would add strength to the bullish setup, with the next resistance levels at $0.00001469 and $0.00001518. Sustained momentum could drive a run toward $0.00001599.
Despite conflicting on-chain signals, the Bull-Bear Indicator points to growing upside potential. However, a drop below the $0.00001318–$0.00001224 range could invalidate the breakout and put bears back in control.