• SHIB’s price increased, and an exchange supply decrease indicated renewed confidence.
• The price rise might not last despite the demand at $0.00000649.

Despite facing significant volatility and market challenges Shiba Inu’s [SHIB] price rose by 2.74% in the last seven days. The hike represents a mild halt to the tumultuous journey the meme-based cryptocurrency has had lately. 

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A Falling supply and regrouping bulls

However, there seem to be signs that the respite season might last for a while. According to Santiment, SHIB’s supply on exchanges has decreased since 10 June. And as of this writing, the metric maintained the decline at 87.6 trillion.

When plotting the supply on exchanges against an asset’s price, an increase suggests a motive to let go of some tokens. But in SHIB’s case, an increasing price alongside a falling exchange supply implies renewed optimism around the token value.

But, at the same time, it could be too soon to conclude that the long-term respite was on the horizon. Based on the technical outlook, the Moving Average Convergence Divergence (MACD) remained in the negative region.

When the MACD is below zero, it means that the do

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Author: Victor Olanrewaju

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