SHIB Rally Shows Signs of Exhaustion as Exchange Data Indicate Increased Selling Pressure

Shiba Inu's recent rally is showing signs of exhaustion, according to exchange data. During the last 24 hours, a massive 167.18 billion SHIB tokens were traded on exchanges.

This surge in trading activity occurs at a critical juncture for SHIB, as it approaches a significant resistance zone. The token's price has been recovering from its August lows, reaching around $0.00000552. However, the current increase may soon face increased selling pressure.

Exchange inflows indicate that holders are placing more tokens on trading platforms, but the net flow is currently negative at 26.64 billion SHIB. This suggests that total outflows exceeded inflows, causing a decrease in exchange reserves by 0.03%.

The 50-day and 100-day moving averages have been reclaimed by SHIB, providing support for the token's price. However, the 200-day moving average stands at around $0.00000568, posing a critical level for the recovery to overcome.