Shiba Inu Faces Renewed Pressure as Spot Flows Indicate Weak Demand

Shiba Inu (SHIB) is facing renewed pressure after its recent attempt to recover. Spot-flow data suggests that buyers are struggling to maintain control, with seven out of eight short-term flow periods showing negative net inflows.

The imbalance in flows is apparent across various timeframes. For instance, the net inflow for five minutes is -$11,460, while the readings for 15 and 30 minutes are roughly -$29,970 and -$89,170, respectively. There's also a $49,130 deficit during the hour.

The pattern continues further out, with negative net inflows in the four-hour, eight-hour, and 12-hour periods. However, the 12-hour period is slightly positive, with a net inflow of about $25,430.

While a negative net inflow doesn't necessarily mean that prices will drop, it does suggest weak immediate demand following SHIB's recent surge. The price chart also supports this theory, as sellers quickly drove the token lower after it momentarily reached $0.0000062 from around $0.0000044.

The long-term moving average currently stands at $0.00000572, which SHIB was unable to recover. However, momentum has returned to normal, with the RSI currently around 58, giving SHIB significantly more room to move in either direction.