- Shiba Inu sees 26% increase in exchange netflows amid shifts.
- Large SHIB inflow signals potential short-term selling opportunities on exchanges.
- Shiba Inu’s price trapped in symmetrical triangle pattern, resisting breakout.
According to recent data, Shiba Inu (SHIB) has experienced a notable surge in on-chain activity, with more than 100 billion tokens moved in a single day. This sharp rise in exchange netflows has caused a 26% increase in overall exchange activity, signaling a marked shift in the market’s behavior.
This uptick may reflect investor caution and repositioning, as well as a decreasing supply of SHIB on centralized exchanges.
In the latest exchange netflow data, a net inflow of 23.1 billion SHIB tokens was recorded on September 30. This comes after several weeks of relatively low exchange activity, which makes the recent increase stand out even more.
This sudden shift suggests that large holders are moving tokens onto exchanges, possibly to take advantage of short-term market volatility or to realize profits from recent price movements.
However, despite this inflow, the general trend points toward a gradual decline in SHIB’s exchange reserves. This suggests that fewer tokens are available on centralized platforms than in previous months, which typically indicates stronger conviction among long-term holders.
The reduced availability of tokens on exchanges could signal a shift in investor sentiment, with more individuals choosing to hold rather than trade.
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Market Outlook for Shiba Inu
The price action for SHIB remains relatively stagnant, with the token currently trapped within a narrowing symmetrical triangle pattern on the daily chart. It continues to hover around the $0.0000117 level, despite ongoing tests of support in the $0.0000110-$0.0000115 range.
Sellers have attempted to push the price lower, but buyers have thus far managed to prevent any significant breakdown.
On the upside, the $0.0000128-$0.0000136 zone remains a strong resistance area, reinforced by key moving averages such as the 100-day and 200-day exponential moving averages (EMAs). This resistance is preventing any substantial upward momentum for SHIB.
Meanwhile, the Relative Strength Index (RSI) remains between 39 and 45, reflecting a lack of bullish momentum in the market. Additionally, trading volume remains subdued, signaling weak market participation and a lack of conviction from traders.
If SHIB cannot break through its resistance levels and regain momentum, it may continue to consolidate in the current range or even dip toward the $0.0000100 support level. This would likely depend on the token’s ability to recover its moving averages and attract more significant capital inflows.
Despite the significant on-chain activity, the current market sentiment suggests that Shiba Inu is not yet ready to enter a bullish phase. Instead, investors may continue to monitor the market for any signs of a breakout or further consolidation.
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