Shiba Inu Price Faces Further Pressure as Exchange Inflows Turn Positive
Shiba Inu's price is still under pressure after its recent attempt at recovery faltered. However, on-chain data shows that exchange inflows have turned positive for the first time in a while, making the short-term setup less favorable for SHIB.
The average inflow size increased by 0.48% to 1.15 billion SHIB, and exchange inflows rose by 0.65% to approximately 268.14 billion SHIB over the past 24 hours.
Despite this increase in inflows, outflows remain significant, providing crucial context for holders' intentions. The seven-day moving average of mean exchange outflows increased by 62.69% to about 734.49 million SHIB, while total exchange outflows rose by 1.77% to approximately 438.71 billion SHIB.
SHIB is currently trading at around $0.00000515, having broken below the short-term rising trendline that helped it recover from its low in August. The next significant support cluster lies between the 50-day average of $0.00000494 and the 100-day average of $0.00000504.