Technical analyst believes that Shiba Inu is set for a 000002 rebound as exchange selling pressure decreases

Kyle Doops, a technical analyst on the Crypto Banter show, has suggested that Shiba Inu’s price is poised for a significant recovery soon. According to Doops, the reduced selling pressure for SHIB is a clear indication of whale accumulation, which is likely to drive the asset back to the $0.00002 price range in the coming days. This is supported by the fact that the net flows of Shiba Inu tokens to centralized exchanges have dropped in recent days, as per data from analytics platform CryptoQuant. The stability of Shiba Inu’s market values over the past few days can also be attributed to the negative net flows of SHIB to exchanges for four consecutive days, wherein outflows supersede inflows. At the time of reporting, Shiba Inu’s price is hovering around $0.00001723, reflecting a 2% uptick in the last 24 hours. However, readers are advised to do thorough research before making any investment decisions, and this content should not be considered financial advice.