- Shiba Inu struggles despite 15.4 billion token outflows from exchanges.
- Technical resistance levels continue to cap Shiba Inu’s price recovery.
- SHIB shows limited momentum despite strong accumulation signals from holders.
Shiba Inu (SHIB) recently experienced a significant outflow of 15.4 billion tokens from exchanges. Despite this notable shift, the cryptocurrency failed to spark any bullish momentum in the market.
According to data from CryptoQuant, Shiba Inu’s netflow turned negative by 18.1 billion tokens. This suggests more SHIB was withdrawn than deposited, which is typically a sign of accumulation or reduced selling pressure. However, this shift has yet to translate into any meaningful price movement for the asset.
As of the latest trading data, SHIB is valued at $0.0000099, marking a decline of approximately 2% compared to the previous period. The 26-day exponential moving average (EMA) remains a tough resistance level, stalling any potential upward movement.
Additionally, the 50-day EMA stands near $0.0000108, while the 200-day EMA is significantly higher, above the $0.0000125 mark, reinforcing the bearish sentiment. These technical barriers continue to weigh on the price, limiting any substantial recovery.
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Limited Momentum Despite Withdrawal Trends
On-chain data shows that while the outflows are encouraging, they are not enough to alter Shiba Inu’s overall market trajectory. Long-term holders are gradually moving their assets off exchanges, which is usually seen as a positive sign of confidence. However, the magnitude of these withdrawals is insufficient to counterbalance the overall lack of transactional and burn activity in the ecosystem.
Market volume remains thin, and the relative strength index (RSI) sits at 47, reflecting waning momentum. This typically signals indecisiveness in the market rather than strong buying or selling pressure. As such, SHIB continues to hover within a tight price range, with little indication of an imminent breakout.
Source: Tradingview
For Shiba Inu to shift its trajectory, a clear break above the 50-day EMA would be necessary. This could pave the way for a more substantial price recovery, particularly if supported by higher trading volume and consistent burns. Without such catalysts, SHIB is likely to continue moving sideways or face additional selling pressure in the near term.
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