The post Reserves At ATL: Is Shiba Inu Price Ready to Revisit May’s High? appeared first on Coinpedia Fintech News
Shiba Inu price has come under pressure recently, dropping 6% in the past week. Yet, signs of accumulation are emerging. From low exchange reserves to bullish patterns on the SHIB price chart.
Experts and swing traders are curious to find whether SHIB can maintain support and attempt another breakout in August.
Exchange Reserves Signal Accumulation
One of the biggest factors upvoting long-term hopes for the Shiba Inu price is that it has plummeted in SHIB exchange reserves. Reserves have since plummeted to just $1.05 billion from almost $4.77 billion in late 2024.
This simply means that investors are taking their tokens off of exchanges into self-custody wallets, which implies that they have every intention of holding for the long term rather than realizing gains.
Even in the short term, despite the meme coin’s price decline of over 25% from July highs, there has been no indication of panic selling. Recent sell-offs have been mild, further reinforcing the case for a strategic accumulation phase.
Derivatives Market Shows Renewed Interest
Adding to the optimism for the Shiba Inu price prediction, futures market data also reflects growing speculative interest.
As observed in the Coinglass data, there is a 15% increase in SHIB futures volume in early August. Moreover, the long-short ratio stands at 1.1227, which implies a positive sentiment among leveraged traders anticipating near-term upside.
SHIB Price Consolidating After Channel Breakout
The current SHIB price USD is $0.00001216 with a daily gain of 0.66% and a market cap of $7.14 billion. The daily volume hovers around $192 million.
The recent July rally in the SHIB price daily time frame chart broke over a long-term parallel falling channel that started in late 2024. Following the breakout, SHIB is consolidating in the $0.000011–$0.000013 range, indicating steady accumulation around this area.
Crypto analyst Jonathan Carter noted that this price area is acting as a strong support range. The Volume Profile backs these levels, suggesting buyers are gradually entering the market in this area. Carter stated that if SHIB holds above this zone, the next upside targets are $0.00001400, $0.00001750, $0.00002050, and $0.00002500.
Moreover, squaring the chart, a symmetrical triangle also appears to be forming, and early August’s support taken strongly aligns with the pattern’s upward trendline support, which suggests that it may soon revisit mid-May’s high.