Shiba Inu Exchange Flows Turn Positive as Bulls Face Uphill Battle

Shiba Inu (SHIB) has experienced significant outflows from exchanges over the past 24 hours, amounting to approximately 461.4 billion tokens. This is a positive signal for bulls, as persistent exchange outflows can benefit prices by reducing available sell-side liquidity.

However, the signal is insufficient to guarantee a price recovery, and momentum does not currently favor buyers. The Relative Strength Index (RSI) has dropped to around 47.3, below its signal line near 54.2, indicating that buyers have lost their short-term advantage.

The recent exchange outflows are also reflected in the decline of exchange reserves, which fell by 0.27% to approximately 86.97 trillion SHIB and decreased by 1.43% in dollar value to $440.9 million.

SHIB has reversed from its September local high of $0.00000555 and is currently trading near $0.00000505, with a support cluster located around this area. Bulls would need to hold this range for momentum to rebuild toward $0.0000053 and ultimately $0.0000055, $0.0000057.