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SHIB Shiba Inu shows bearish signal again after rebound
The widely held meme coin Shiba Inu shows bearish signal again after its recent gains seemed to have stalled. The coin's price has hovered around $0.000052 in recent transactions.
Short pressure accumulates after rebound
The latest data from CryptoQuant, a major digital asset analysis provider, shows that selling pressure on Shiba Inu has increased in the past day. The token briefly fell into negative territory, reflecting a shift in market sentiment and sellers began to overtake buyers.
CryptoQuant reported that net exchange flow of Shiba Inu coins (a measure of the difference between the net number of tokens flowing into the exchange and the outflow) increased significantly. On Friday, August 28, the indicator was approximately 261.7 billion SHIBs.
The increase in net exchange traffic suggests that more SHIB tokens are being transferred to trading platforms rather than being offered, suggesting that more holders are preparing to sell. Positive exchange net flow usually means more SHIBs are deposited on the exchange-which is often a signal of potential selling pressure or an investor's intention to sell assets at current prices. When inflows continue to exceed outflows, it usually indicates that traders are seeking to take profits or reduce risk.
As a result, activity on the major Shiba Inu exchanges has turned bearish. The latest daily data shows that the number of SHIB tokens sent to the exchange for sale exceeds the number proposed by more than 261 billion. This trend suggests that a large number of investors may be taking advantage of recent gains to sell off positions, thus exacerbating the current downward pressure on Shiba Inu.
Price movements and key support levels
Shiba Inu's recent gains have slowed, with the asset's price falling by about 3% in the past 24 hours. The token is currently remaining at around US$0.000052, but as selling pressure intensifies, this support seems to be becoming increasingly fragile.
Analysts warned that if the current trend continues and bullish momentum fails to return, Shiba Inu may soon lose its US$0.00005 support level. This trend may mean that the leading memin is facing further downside risks.
Market observers point out that amid continued selling activity, unless buyers enter quickly, the possibility of holding the key threshold of $0.00005 is fading.
Shiba Inu is an Ethereum-based meme token that has been popular since its launch and often attracts short-term speculative trading. Its prices are highly sensitive to changes in investor sentiment, especially during periods of increased activity on the chain.
CryptoQuant, which provides exchange net traffic data, is known for its real-time analytics and insights into digital asset flows, helping traders assess market trends and potential turning points.
According to data, on August 28, the net flow of the exchange was +261.7056 billion SHIBs, and the price was US$0.000052, with a 24-hour change of-3%.
