- More than 64 billion SHIB moved across exchanges within hours.
- SHIB lost key support levels while exchange reserves increased.
- Oversold RSI and crucial resistance zone now guide outlook.
More than 64 billion Shiba Inu tokens moved across cryptocurrency exchanges within the last 24 hours, placing the meme coin under renewed scrutiny as traders evaluate its next direction. The surge in exchange activity comes at a time when SHIB is already struggling to recover from a recent technical breakdown, creating a combination of factors that could influence price action in the days ahead.
Recent on-chain metrics showed a noticeable increase in exchange inflows alongside a rise in exchange reserves. Consequently, market participants are paying close attention to whether these movements represent growing selling pressure or strategic positioning by larger holders.
Historically, rising exchange balances have increased the amount of supply available for trading. Moreover, similar conditions have often coincided with periods of elevated volatility across the cryptocurrency market. While exchange inflows do not automatically indicate an imminent selloff, they frequently attract attention when a token is trading below important support levels.
Also Read: Shiba Inu Derivatives Volume Surges 60% as Traders Bet on Recovery
Rising exchange balances add pressure to SHIB’s technical outlook
SHIB currently finds itself in a challenging position after breaking below a rising support pattern that developed during the spring recovery phase. That breakdown weakened bullish momentum and pushed the asset beneath several widely watched moving averages. As a result, the broader bearish trend that has defined much of SHIB’s performance over the past year remains intact. Additionally, traders continue to monitor whether current price levels can attract enough demand to reverse recent weakness.
Despite these concerns, some indicators suggest that selling momentum may be losing strength. The Relative Strength Index has moved close to oversold territory, a level that often signals exhaustion among sellers. Previous corrections of a similar scale have occasionally produced short-term rebounds as investors entered the market at discounted prices. Therefore, some traders view current conditions as a potential area where buying interest could gradually return.
Source: Tradingview
At the same time, the recent exchange activity does not provide a clear bearish signal on its own. Large token transfers can occur for several reasons, including liquidity management, portfolio rebalancing, or preparations for future trading activity. Furthermore, major holders frequently move assets between wallets and exchanges without immediately affecting market prices. For that reason, investors continue to assess the broader context behind the latest spike in transfer volume.
Attention now centers on the $0.00001100 to $0.00001150 range. Reclaiming that zone would represent an important technical improvement and could indicate that buyers are beginning to regain control of the market. Until then, SHIB remains vulnerable to additional downside pressure as traders weigh both the increase in exchange activity and the token’s weakened chart structure.
Conclusion
The next several trading sessions could reveal whether the movement of more than 64 billion SHIB reflects renewed accumulation by larger holders or signals another phase in the token’s ongoing correction.
Also Read: XRP Bottom Near $1.15 May Signal Long Institutional Accumulation Phase
