Shiba Inu Stuck in Resistance Zone Despite Token Flood

Shiba Inu is facing a critical technical juncture after its recent rebound from August lows. A flood of tokens moving onto trading platforms has raised questions about whether the meme coin can sustain its upward momentum.

A total of 168.18 billion SHIB tokens were deposited onto exchanges over a 24-hour period, but more tokens left exchanges than entered them, with approximately 208.98 billion SHIB tokens withdrawn from trading platforms.

This has led to a net outflow of negative 26.64 billion SHIB tokens and a slight reduction in exchange reserves of 0.03%.

The token's price is currently trading near $0.00000552, just below the resistance zone that has repeatedly capped rallies.