Shiba Inu price has remained under pressure this week as the recent attempts for a crypto market bullish run have faltered. The SHIB token was trading at $0.00000971, a range that it has remained in the past few days. Still, its recovery remains at risk despite some notable catalysts.
Shibarium TVL Soaring, Whale Buying, and Exchange Reserves Falling
Shiba Inu’s fundamentals are improving. For example, data compiled by DeFi Llama shows that the activity in Shibarium is improving even as other networks falter. The total value locked (TVL) in the network has jumped to $1.86 million from this month’s low of $734,840.
ShibaSwap’s assets have jumped by 112% in the last 30 days to $1.15 million. Similarly, the WoofSwap TVL has jumped by 75% in the last 30 days to $440k. Other parts of its ecosystem, such as ChewySwap, MARSWAP, and PunkSwap, have seen sharp increases in assets. Still, Shibarium’s TVL is relatively small given that Shiba Inu is still a popular cryptocurrency.
READ MORE: “It Is an Encrypted Bitcoin” – Nansen Explains the Zcash Price Surge
Another bullish factor for Shiba Inu’s price is that the token’s supply on exchanges has continued to decline. There are now 284.82 trillion tokens on exchanges, down from 302 trillion in July. This means that over 18 trillion tokens have exited exchanges in the past few months, a sign that holders are not selling their tokens.
The ongoing exchange reserves crash happened as whales continued to accumulate their tokens. Nansen data shows that whales now hold 105.9 billion tokens, up from the September low of 23.7 billion tokens. Whale buying is one of the most bullish catalysts for a cryptocurrency since these investors are known for their experience.
Another important catalyst for the SHIB price is that one user incinerated 621 million tokens on Monday, the largest such event in months.
Shiba Inu Price Technical Analysis
While Shiba Inu’s fundamentals are improving, its technicals point to further downside.
The coin remains below the 50-day and 100-day Exponential Moving Averages, signaling that bears remain in control.
It also remains near the important support level at $0.000010, which lies on the lower side of the descending triangle pattern, a popular bearish continuation sign.
SHIB price has also dropped below the strong pivot and the reverse point of the Murrey Math Lines. Therefore, these technicals suggest it will continue to fall as sellers target the oversold level at $0.0000082.
READ MORE: Monero Price Flips Key Resistance as it Rides the Zcash Wave
