SHIB Price Plunges Amid Exchange Outflow and Bearish Technicals

SHIB's price has been stuck in a tight range between $0.0000044 and $0.0000045 after a significant 23% drop from its August high near $0.0000058.

This pullback is not just a healthy correction, but a rejection of the previous upward trend, with the RSI sitting in the mid-40s and momentum indicators rolling bearish.

The macro backdrop isn't helping either, as SHIB has been down 27% over 90 days and 67% year-to-date, still hovering near its 52-week low at $0.00000403.

One interesting development is the significant exchange outflow, with over 110 billion SHIB withdrawn from exchanges in a single day last week, indicating accumulation behavior by some holders.