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On-chain data indicates that even a significant 15.4 billion SHIB outflow from exchanges over the previous day is still insufficient to rekindle bullish momentum. Shiba Inu's netflow turned sharply negative at -18.1 billion tokens, according to CryptoQuant data. This indicates that more SHIB has been taken out of exchanges than deposited, which is usually a positive sign indicating accumulation or less pressure to sell in the near future. But there has not been much of a price reaction.
Shiba Inu takes plunge
As of press time, SHIB is trading at about $0.0000099, a decrease of about 2% from the same period. The 26-day EMA, which has now flattened and become a stubborn ceiling, is one of the major technical resistance levels that the asset still struggles under. With the 50-day EMA close to $0.0000108 and the 200-day EMA well above $0.0000125, the overall structure is still bearish.
The price recovery of SHIB is probably going to stay limited in the near future unless there is a distinct break above these dynamic resistance lines. The picture on the chain conveys a similar message. However, some long-term holders are shifting their assets off exchanges — which is typically a sign of confidence that the magnitude of the shift is insufficient to counteract the ecosystem's lack of transactional and burn activity.
Still too much pressure
The outflows are, to put it simply, encouraging but not enough. Withdrawal volume indicates some quiet accumulation, but not at a rate that alters the overall picture. Volume trends are still thin, and the RSI around 47 indicates waning momentum, which is a classic indication of hesitancy rather than conviction.
Patience is therefore essential for investors. The token will probably continue to move sideways or experience fresh sell pressure unless SHIB can recover $0.0000108 and maintain that move with higher volume and regular burns. To put it briefly, 15 billion SHIB leaving exchanges is a start but is by no means the game-changer the market needs to change course.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team