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Following
SHIB SHIB momentum has weakened, and increased exchange positions have triggered profit-taking concerns.
As recent continuous token destruction activities and weak market demand have limited SHIB's rebound potential, Shiba Inu has experienced two months of strong gains, its upward momentum has begun to slow down, and the current trading price remains above $0.0000500. Rising exchange deposits could signal growing profit-taking sentiment among holders. Although recent destruction activities have reduced supply, insufficient demand remains a major concern. In addition, SHIB also faces fierce competition from privacy-conscious cryptocurrencies. Traders need new buying pressure to continue this recovery trend. Without stronger demand support, this memecoin may struggle near key resistance levels.
Increased exchange supply pushes up selling pressure
On Monday, Shiba Inu recorded another massive token destruction, with the network removing 41.35 million SHIB tokens from circulation. There was also a destruction involving 43.43 million tokens on Thursday. These destruction actions demonstrate a continued effort to reduce available supplies. However, destruction alone does not guarantee a strong price performance. SHIB needs continued demand to support further significant gains. On-chain data presents a more cautious picture.
Currently, the supply of SHIB held by the exchange has climbed to 139.59 trillion pieces, compared with approximately 137.66 trillion pieces on July 24. An increase in exchange balances usually means an increase in potential selling. Investors may transfer tokens to exchanges when they prepare to lock in profits. At the same time, the proportion of "profitable supply" has reached 7.60%, setting a new high in eight months. This increase may encourage more long-term holders to choose to sell. Many investors may now view current prices as an opportunity.
Such selling could limit SHIB's ability to build another strong rally. The broader market environment also poses challenges for memein. Recently, investors 'attention has turned to privacy-focused projects. This change may reduce speculative demand for SHIB. Memoin often relies highly on strong market interest and social enthusiasm. Therefore, a weakening of speculative willingness may put pressure on the current recovery.
SHIB faces test at key technical points
Currently, SHIB is still below an upward resistance trend line. The trend line connects the highs recorded on July 26 and August 21. Another resistance level is near the May 11 high at about $0.0000670. If this level can be exceeded, it will further consolidate the bullish structure. Currently,$0.00000521 provides immediate support for SHIB. This region represents the 50% Fibonacci retracement level of recent downturns.
SHIB must hold this level to maintain the current recovery structure. A break below the support level may expose a Fibonacci support level of $0.0000456. Momentum indicators also show a lack of clear directional confidence. The Relative Strength Index (RSI) is around 55, indicating that buying and selling pressures are balanced. At the same time, the MACD is almost flat with the signal line.
As a result, current indicators fail to provide a clear momentum signal. If buyers return with stronger volume, SHIB may still recover. A breakthrough of $0.00000602 would provide an important bullish signal. However, increased exchange supply remains a key risk factor. If SHIB fails to attract new demand, profit-taking may intensify.
