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SHIB Shiboken (SHIB) is struggling around the level of $0.00000500. Trading volume has decreased significantly.
Currently, the trading price of Shiba Inu (SHIB) is around $0.00000517, indicating a significant slowdown in market activity. Compared to the sharp fluctuations during late July and August, trading volume has decreased significantly. The reduction in trading volume has limited the extent of price movements, leaving neither buyers nor sellers able to establish a clear advantage.
The weak price trend continues.
Although SHIB rose to $0.00000627 at the end of September, it failed to stay above the long-term moving average of around $0.00000563. As a result, prices have fallen below the short-term moving averages, which are currently at $0.00000541 and $0.00000529 respectively. These levels have become resistance areas during the current rebound.
The Daily Relative Strength Index (RSI) is hovering around 40, indicating weak momentum, suggesting that the market has not yet entered an oversold zone. This means that there is little chance of a natural rebound without stronger catalysts. The price movement of Shiba Inu requires support from trading volume, as buyers and sellers are still competing for control.
$0.00000500 is becoming a key short-term threshold.
Prices recently dropped to around $0.00000502, triggering a wave of buying actions. Therefore, $0.00000500 is considered a critical short-term threshold. If prices fall below this level, they may test the low point of September, which was $0.00000475.
On the contrary, if the price breaks through $0.00000530, it could indicate that selling pressure has eased. However, for a sustained recovery to occur, not only price increases are needed, but also a significant rise in trading volume.
The data on the blockchain provides mixed signals.
The indicators on the blockchain suggest a mixed outlook. The balance of SHIB in exchanges stands at 87.1 trillion units, with a daily decrease of 0.11%. Meanwhile, the net inflow is negative, amounting to -98.9 billion SHIB. This indicates that more tokens are leaving the exchanges than entering, suggesting that investors are not eager to sell their tokens.
Over the past week, the average outflow decreased by 42%, while the inflow dropped by 14%. This decline in activity is consistent with the low trading volume observed in the market. As a memecoin built on the Ethereum network, Shiba Inu has a wide base of investors.
Although the net outflow indicates limited selling pressure, the decrease in both inflow and outflow activities suggests that there is still hesitation in the market.
Network activity remains stable.
Network data shows a calm situation, with approximately 4,800 transactions and 3,700 transfers. Both indicators have seen daily increases of less than 1%. The total value of SHIB held by exchanges has dropped to $447.7 million, representing a decrease of 0.69%.
Due to the lack of data on the destruction rate at supporting price levels, significant momentum remains elusive. Unless trading volume increases significantly, the challenge around the level of $0.00000500 is likely to persist.
