SHIB Price Soars 35% Amid Renewed Buying Pressure

Shiba Inu's price surged more than 35% after renewed buying overwhelmed selling pressure, according to Traders Union. The rally is supported by strong momentum and prices holding above both the 20-day and 50-day moving averages.

However, on-chain data shows a significant increase in exchange netflow for Shiba Inu, with more than 69 billion tokens transferred onto exchanges over the last day. This points to growing selling pressure as selling supply rises.

The short-term price movement reflects a temporary uplift amid broader caution in the market. Bullish short-term momentum faces resistance and mixed technical signals.