Shiba Inu Recovery Halted by Fresh Selling Pressure and Exchange Inflows

Shiba Inu's (SHIB) recent recovery has taken a hit as it faces fresh selling pressure. According to exchange-flow data, the average inflow of SHIB increased by 1.98% in one day to approximately 1.10 billion tokens. The top 10 outflow transactions totaled about 5.40 billion SHIB, while overall outflows increased by 2.14%. However, the net flow is still negative, indicating that withdrawals continue to outweigh deposits.

SHIB's price has already declined following a rejection from the $0.0000060, $0.0000062 region and is currently trading around $0.00000568. This area is crucial as it marks the 200-day moving average. If SHIB maintains this level, the recent drop can be seen as a retest of the September breakout.

Buyers would need to recover $0.0000059 before attempting another push towards $0.0000061, $0.0000062. A clear breakdown below $0.0000056 would be detrimental, leading to a move under long-term resistance and exposing about $0.0000054.