Shiba Inu Price Surge May Be Limited as Sellers Dominate

Shiba Inu's price surged by 37.2% in recent days, but analysts say it may be a limited move.

The increase in tokens moving onto exchanges signals a spike in short-term selling activity, with buyers driving the price higher.

However, technical indicators suggest that the broader trend is still under pressure, as the pair remains below the long-term 200-day moving average and immediate resistance near $0.0000058.

A net exchange balance surge of 69 billion SHIB in the last 24 hours indicates increased selling or trading intent, which coincided with the asset briefly reclaiming a previous high of $0.000004566.