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SHIB Shiba Inu faces challenges: Exchange outflows plunged 42%, with key resistance at US$0.0000573
Shiba Inu is facing increasingly severe challenges in maintaining its recent upward momentum, with its exchange outflows significantly reduced, weakening the token's bullish base. The latest data shows that SHIB's 7-day average exchange outflows have dropped sharply, ranging from 42% to 48% depending on the monitoring cycle.
Exchange outflows weaken
Exchange outflows track the transfer of tokens from centralized exchanges to private wallets and often reflect investors 'long-term willingness to hold assets. Historically, strong outflows indicate that holders are withdrawing assets from exchanges, reducing the amount of supply available in the market. However, the recent sharp decline in SHIB outflows suggests that this momentum is being lost.
The decrease in exchange outflows does not necessarily mean that investors are ready to sell tokens, but rather that the potential to reduce supply through withdrawals has slowed, potentially increasing the risk of supply flowing back into the market.
Exchange activity indicators diverged
Other exchange indicators showed complex signals. Average inflows to SHIB increased by 0.79%, while overall exchange inflows increased by 0.56%. During the same period, total outflows increased by 0.59%. Despite the increase in these figures, total net exchange traffic to SHIBs remains deeply negative at approximately-62.5 billion SHIBs. This means that despite the decline in the intensity of the withdrawal, net flows are still biased towards outflows rather than inflows.
Despite the weakening intensity of the withdrawals, overall net flow from SHIB remains in strong negative territory, indicating that the market prefers to keep assets off exchanges rather than trade them immediately.
The following are recent changes in key indicators:
Average exchange outflow (7-day average): down 42% to 48%
Average exchange inflow: up 0.79%
Total exchange inflow: up 0.56%
Total exchange outflow: up 0.59%
Net flow: -62.5 billion SHIB
Shiba Inu coins face key resistance
Recently, SHIB has rebounded from a low of approximately US$0.000042 and is currently trading at close to US$0.0000535. During this round of rally, the token briefly exceeded US$0.000060, but then encountered selling pressure and a correction occurred. A key technical resistance level is currently at the long-term moving average of $0.0000573, which has proven difficult to stabilize.
On the positive side, the SHIB remains above the short-term moving average, which are currently concentrated around US$0.0000466 and US$0.0000496. The Relative Strength Index (RSI), which showed overbought conditions during its initial rebound, has now fallen back to around 60, indicating that short-term overheating sentiment has eased. The continued game around the main resistance level makes the price trend of SHIB in the next few trading days crucial.
If SHIB can decisively break through the US$0.0000573 mark, market attention may quickly shift to the US$0.000060 to US$0.000063 range, thus strengthening the recovery prospects. However, a loss in the US$0.000049 to US$0.000050 range could mean a failed rebound and expose SHIB to the risk of retesting the support area below.
