Shiba Inu Breaks Key Resistance as 191 Billion Tokens Enter Exchanges

Shiba Inu (SHIB) broke through a significant resistance level of $0.00000560, trading at around $0.00000609 with higher volume accompanying the move.

The token had struggled to surpass this long-term moving average since August, but its recent price structure has shown signs of recovery, with a sequence of higher lows established after reaching approximately $0.00000410 in June.

On-chain data revealed that more SHIB moved into exchanges than out of them during the 24-hour period, resulting in a net inflow of around 191.1 billion SHIB, increasing the amount held on trading platforms and potentially adding to available supply.