SHIB Price Action Slows as Key Metric Declines

Shiba Inu's (SHIB) recent price action has been hampered by a significant decline in its key exchange metric, which could indicate an end to the bullish reversal. The seven-day moving average of mean exchange outflows for SHIB has decreased by approximately 42-48%, depending on the observation point.

This decrease in outflows suggests that holders are transferring their SHIB tokens into private wallets instead of keeping them on the market, which could be a sign of reduced supply. However, it's essential to note that this decline alone does not confirm that holders have started depositing large amounts of SHIB onto exchanges.

The price of SHIB is currently trading around $0.00000535, having briefly surpassed $0.0000060 during the rally before being pushed back by sellers. The long-term moving average is located at $0.00000573, which is the biggest immediate technical barrier for SHIB.