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The Shiba Inu (SHIB) price dipped again earlier today as the consolidation period continues. Bears appear to be in control of the price movements, as the second largest meme coin has failed to touch the higher levels. Amid this ongoing struggle, a key development has occurred that may hint at a potential reversal from this point.
Exchange outflows of SHIB, per data from CryptoQuant, surged significantly recently. On Aug. 14, more than 337 billion Shiba Inu tokens were moved out of major crypto exchanges. This data reveals that whales have been buying the dips as SHIB continues to trade on the lows.
This is a major bullish signal as buying activity like this can help the meme coin sustain the bearish pressure and initiate an upward trend. The total of 337 billion is a major amount of coins being bought by whales, and it further reveals that whales have not lost hope in SHIB, as they are expecting a potential reversal.
SHIB price struggles continue
However, the Shiba Inu price has disappointed its investors in the recent past. As of now, SHIB is trading at $0.0000136, a dip of 2% in the last 24 hours as the price dipped from the $0.00001401 level. The market cap of the meme coin is also down 1.93% to $8.01 billion, creating a clearer picture of the lack of momentum on the market.
Despite this, the RSI of SHIB is now signaling a positive outlook. Currently at 37.85, the RSI of the meme coin is hinting at a short term rally in the near future. Typically, an RSI value around this zone means that the coin is facing strong buying activity and the sentiment among traders is optimistic.
Coupled with rising crypto exchange inflows, this data further confirms a potential price reversal for Shiba Inu in the coming days. These two indicators are crucial, as they have a history of predicting a potential price rally. For SHIB, some relief is expected, and it is likely that price gains are in the cards.
Gamza Khanzadaev