Shiba Inu Faces Crucial Technical Test Amid Rising Exchange Reserves
Shiba Inu (SHIB) is facing a critical technical test as it attempts to surpass a long-standing resistance level. The asset has recently traded near $0.00000571, following an intraday move to approximately $0.00000579.
The crucial development centers on SHIB's interaction with the black long-term moving average on the daily chart. This moving average has maintained a downtrend for several months and has acted as an overhead barrier. SHIB has now nudged slightly above this level, opening the door to a potential shift in market direction.
The shorter-term moving averages have also improved, with SHIB remaining above these averages in the $0.00000505, $0.00000525 range. These averages have started to trend upward, reflecting gradually strengthening technical momentum.
However, recent exchange data has highlighted a noteworthy risk factor, as rising exchange reserves could introduce additional supply pressure. Total reserves at exchanges increased 0.14%, with netflow climbing 1.06%. The most significant change is a 24.12% jump in the seven-day moving average for mean exchange inflows.