Shiba Inu Price Stabilizes as Exchange Pressure Eases

After weeks of intense price fluctuations, Shiba Inu (SHIB) is showing signs of stabilization. According to recent data, exchange netflows have slowed down to approximately 120 billion SHIB, a significant decrease from the massive spikes seen in recent weeks. This suggests that the immediate selling pressure on the token may be easing.

Despite this, exchanges remain bearish, with total inflows standing at around 551.8 billion SHIB compared to approximately 453.4 billion in outflows. Exchange reserves have increased by 0.11%, while their dollar value has risen by 4.85%.

The seven-day moving average of mean exchange outflows surged more than 630%, indicating large withdrawals. However, this metric is volatile and should not be interpreted independently.

SHIB's price has recovered from its September lows near $0.0000049 and is currently trading around $0.00000598. More importantly, the token has moved above its major long-term moving average of $0.00000565, defending this region during recent pullbacks.

The next obstacle for SHIB sits around $0.00000610, $0.00000630, which the token failed to break above during its September rally. A clean daily close above $0.00000630 could establish another higher high and strengthen the developing bullish structure.

Momentum is relatively balanced, with the RSI above 50 but well below extreme overbought territory, leaving room for another upside attempt.

The main risk for SHIB is a breakdown below approximately $0.00000560, which would return the token beneath its recently reclaimed long-term support and expose $0.00000540, followed by $0.00000500.