Shiba Inu Breaks Key Resistance as 191 Billion SHIB Flows Into Exchanges

In Brief:

• Shiba Inu (SHIB) climbed above $0.00000560, a resistance level that had repeatedly blocked recovery, as trading volume increased during the breakout.
• Exchange inflows exceeded outflows by roughly 191.1 billion SHIB, while reserves rose to 87.7 trillion tokens, increasing potential selling pressure.
• Holding above $0.00000560 could support a test of $0.00000630, while a retreat below $0.00000500 would threaten SHIB’s broader price recovery.

Shiba Inu (SHIB) has cleared a price barrier that held back its recovery since August, but exchange deposits could test buyers’ strength. The token traded near $0.00000609 following a move above its long-term moving average around $0.00000560.

According to the TradingView chart, that level had repeatedly stopped earlier advances, while higher trading volume accompanied SHIB’s breakout above it. SHIB has also formed a series of higher lows since reaching approximately $0.00000410 in June. Its shorter moving averages have turned upward, adding to evidence that the recovery has gained momentum.

However, the exchange data presents a competing signal. More SHIB entered trading platforms than left them during the measured 24-hour period, increasing the supply holders could readily sell.

Also Read: XRP ETFs Record Over $20 Million in Inflows Amid Price Surge: Details

Rising Exchange Reserves Test SHIB’s Move Above $0.00000560

According to on-chain data, exchange inflows reached roughly 477.5 billion SHIB against 286.4 billion SHIB in outflows, leaving net inflows near 191.1 billion SHIB as the token traded above its former resistance.

Exchange reserves also rose 0.22% to about 87.7 trillion SHIB, with their reported dollar value approaching $533.2 million. Those figures show that a larger quantity of tokens sits on trading platforms during SHIB’s attempt to establish support.

Deposits alone do not establish that holders intend to sell, since transfers can serve other purposes. Nevertheless, buyers may need to absorb additional supply if depositors place those tokens on the market.

Source: TradingView

The $0.00000560 to $0.00000570 range now provides an early measure of whether the breakout can hold. If SHIB remains above that area, traders may watch for another attempt at the recent $0.00000620 to $0.00000630 highs.

A move beyond those highs would bring the May resistance area between $0.00000650 and $0.00000670 into view. Conversely, a drop below $0.00000560 would weaken the breakout, while a decline toward $0.00000520 to $0.00000500 would threaten the recovery. SHIB’s price has overcome a persistent barrier, while exchange flows show that the move faces a test from available supply.

Also Read: XRP Reclaims $100 Billion Market Cap as ETF Inflows and Whale Activity Increases