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On March 20, Shiba Inu experienced large holder outflows reaching 5.54 trillion SHIB, the highest amount seen in more than a month. Significant market participants may have been strategically repositioning themselves when this extraordinary activity occurred, and SHIB was trading at about $0.000013. After a protracted decline that started in early February, SHIB is making an effort to stabilize from a technical perspective.
With a modest recovery from a local support range near $0.0000122, the asset is currently trading around $0.0000131, up about 1.62% on the day. The 50-day and 100-day moving averages continue to slope lower, pressuring price action and indicating a persistent bearish bias.
However, a short-term reversal might be triggered by a break above the descending trendline and the recovery of the $0.0000142 level. While RSI metrics are just below neutral, indicating weak bullish conviction, volume is still low, allowing for possible upward movement should momentum improve.
Godfrey BenjaminA change worth keeping an eye on is revealed by on-chain dynamics. The recent seven-day change indicates a sharp +49.55% increase, primarily due to the March 20 spike, even though 30-day outflows decreased by 68.33%. This sudden withdrawal raises the possibility of accumulation by sizable wallets or deliberate reallocation to cold storage, both of which usually come before bullish sentiment.
Yuri MolchanThe fact that the outflow did not immediately result in a price spike suggests that the tokens may not have been sold on exchanges. Rather, as SHIB consolidates close to multi-month lows, it presents the prospect of a long-term positioning change by whales, which would be consistent with broader market caution.
Although the price structure is still brittle, whale activity and the strong support at $0.0000122 suggest that SHIB may be getting close to a crucial pivot zone. Any volume-confirmed break above the resistance could start a brief relief rally toward the 100-day MA zone, which is located around $0.0000160. Traders should stay vigilant until then, as the next leg of SHIB's market trajectory will probably be determined by additional significant wallet movements and price reactions.
Vladislav Sopov
Dan Burgin