August, despite its ups and downs, has been an interesting month for the crypto market.
Cryptocurrencies like Shiba Inu have seen some very interesting developments like the initial Shibarium launch, and the nightmare that followed after customers overwhelmed the network.
However, August isn't over. And luckily, the new developments aren't over either.
According to recent reports, SHIB may be poised for a massive pump after something interesting happened this past week.
More details below.
Shiba Inu's price suffered after the failure of the initial Shiba Inu launch.
The cryptocurrency plunged by over -30%, leaving SHIB's price at a $0.0000073 low.
However, SHIB may be ready for some upside momentum, according to recent reports.
According to a recent tweet from @ali_charts on Twitter, a jaw-dropping 2 trillion Shiba Inu has been pulled off crypto exchanges over the past week.
This is common knowledge, but we'll repeat it for the sake of clarity:
Crypto tokens being pulled massively off exchanges, indicates that investors may not be interested in selling.
The reverse happens when tokens flow massively into exchanges.
However, in the case of SHIB, if 2 trillion SHIB got pulled off exchanges in a week, this means that Investors expect prices to go up, and maybe HODLing to catch a possible pump.
Shibarium had to be shut down after its initial launch. Millions of dollars remained stuck on the Shibarium bridge for more than 10 hours after the project went live.
However, Shibarium has been reactivated in private mode and is now expecting public release with some customers already receiving some bridged $BONE tokens.
When Shibarium relaunches, SHIB may finally have the momentum it needs to reclaim some of its previous highs and finally break above $0.00000844 again.
SHIB is trading under most of its important moving averages and is now on a small ascending trendline after last week's decline.
This means that SHIB should be sufficiently stable if it doesn't break below this trendline, or move below $0.0000078.
On the flipside, SHIB is also stuck beneath its 50-day moving average (purple line) and must break above $0.00000881 again, to confirm a takeover by the bulls, as illustrated below.
If Shiba Inu breaks below $0.0000078, we can expect further downside to its movement.
And if SHIB rallies into a breakout above $0.00000881, we would have confirmed a bullish takeover and the start of a possible Shibarium-fueled rally
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.