Shiba Inu Netflows Drop as Price Stabilizes Above Support
Shiba Inu (SHIB) is showing early signs of stabilization after several weeks of sharp price swings. Data from major crypto exchanges suggests a potential pause in selling pressure, with netflows dropping to around 120 billion SHIB. This marks a slowdown compared to previous periods of heightened activity.
The exchange netflow metric, which tracks the difference between tokens deposited and withdrawn from trading platforms, is a key indicator of market sentiment. Currently, total SHIB inflows stand at nearly 551.8 billion tokens, while outflows are close to 453.4 billion. This results in a 0.11% increase in exchange reserves and a 4.85% rise in the dollar value of exchange-held SHIB. Analysts note that these figures do not yet indicate a decisive accumulation phase.
Technically, SHIB is trading near $0.00000598, having recovered from a recent low of $0.0000049 in September. The token has maintained its position above the long-term moving average support level of $0.00000565. The next resistance zone lies between $0.00000610 and $0.00000630. A sustained daily close above $0.00000630 could signal a stronger bullish trend.
While declining netflows reduce immediate selling pressure, the trend does not confirm a bullish outlook. SHIB must break above $0.00000630 to renew upward momentum. Potential downside risks include a fall below the critical $0.00000560 support level, which could drive prices toward $0.00000540 or even $0.00000500 if selling accelerates.