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SHIB Note:
Whale withdrawals offset the increase in exchange balances, creating mixed market signals for Shiba Inu investors to monitor price momentum.
SHIB remains above the 26th and 50th moving averages, while repeatedly being suppressed by the 100-day exponential moving average.
Although conflicting exchange traffic data kept traders cautious, growing online activity and stronger trading volume supported the rebound.
Shiba Inu Coin (SHIB) is showing contradictory on-chain signals: large investors are withdrawing coins from the exchange in large quantities, while the exchange's overall reserves are increasing. This combination leaves the market uncertain whether hoarding or selling pressure will dominate the next price move of the token.
Blockchain data shows that in the past 24 hours, exchanges have received more than 603 billion SHIBs, while nearly 406 billion SHIBs have left the trading platform, resulting in net exchange traffic of approximately 197 billion positive SHIBs. Despite the increase in exchange balances, the average withdrawal size has also increased, indicating that Whale Wallet is still active, moving a large number of SHIBs to self-custody rather than leaving all tokens on the trading market.
While increases in exchange reserves tend to point to a greater supply of selling, large withdrawals often indicate that investors prefer to hold assets outside exchanges. This reveals that both buyers and sellers are actively participating, rather than one party dominating the market.
SHIB faces major technical resistance
After recovering from July lows, the SHIB was trading at around US$0.0000500 while remaining above the 26-day and 50-day index moving averages, maintaining the structure of its recent rebound.
However, the 100-day exponential moving average continues to suppress price gains, rejecting long attempts multiple times since the beginning of the year, making it the market's main resistance level.
The Relative Strength Index remained above 60, reflecting healthy buying momentum but not yet entering overbought territory; meanwhile, the latest breakthrough was accompanied by one of the strongest trading volume increases in months.
Higher trading volumes consolidated the rally as previous attempts to rebound lacked similar market participation, giving traders more confidence in the rally.
In addition, on-chain activity showed a slight increase in both active sending and receiving addresses, indicating a broader range of online participation rather than prices driven solely by speculative derivatives trading.
Internet activities support market participation
Growth in wallet activity adds another layer of information to SHIB's recent market performance. Although the growth is moderate, it suggests that more participants are interacting with the network during the current rebound phase.
Meanwhile, market participants continue to weigh the game between rising exchange reserves and massive withdrawals from whale wallets. As a result, investors are paying close attention to whether buying demand can absorb additional tradable tokens.
If trading volume increases further, continuing to exceed the 100-day exponential moving average will strengthen SHIB's technical prospects. Conversely, if demand falls and exchange reserves expand, gains may be limited, although whales are still hoarding.
Conclusion
SHIB is still in the midst of hoarding and potential selling pressure, with whale withdrawals offsetting the rise in exchange balances. The interaction of these two opposing forces, coupled with price movements around the 100-day index moving average, will likely determine the next directional change for the token.
