Shiba Inu Recovery Falters as Exchange Deposits Rise

Shiba Inu's (SHIB) recent price recovery is facing uncertainty due to rising exchange deposits, which could signal increased selling pressure. Over the past 24 hours, approximately 500 billion SHIB tokens moved to exchanges, with an average increase of 1.92% in deposits. The 10 largest transfers totaled around 13.91 billion SHIB.

Despite the mixed signals from exchange flows, SHIB's price has weakened while hovering near its 200-day moving average, currently at $0.0000053-$0.0000058. A sustained move above $0.0000062 would strengthen the recovery trend, but falling below this level could lead to further declines.

SHIB's current momentum is cooling, with recent red candles indicating that buyers are struggling to keep the price above $0.0000060. The Relative Strength Index (RSI) has also fallen back toward the mid-50s, suggesting a decrease in buying pressure.