Key Takeaways

Shiba Inu has been trading above a solid demand zone that bulls need to defend. However, the weekly price chart revealed that sellers may have the upper hand right now. 

Shiba Inu’s [SHIB] price has been consolidating above the key demand zone at $0.000012 since mid-August. In fact, a recent AMBCrypto report noted that whales have been accumulating SHIB too.

That’s not all though as the exchange net position change has been negative since 17 August.

Here, negative flows represent outflows from exchanges – A classic sign of accumulation.