Shiba Inu's Bullish Momentum Falters Amid Market Structure Concerns

Shiba Inu (SHIB) is struggling to maintain its momentum after a recent recovery from August lows. Despite a 3% gain in the past day, the token's market structure raises concerns about its ability to create a long-term bullish trend.

The current price of $0.00000535 puts SHIB above the moving average cluster around $0.00000500, $0.00000507, which serves as the primary support zone. However, bulls face significant resistance at $0.00000568, created by the major long-term moving average.

The daily RSI is close to 57.6, indicating that buyers currently have an advantage but not enough to support an explosive continuation. Furthermore, negative net spot flows of around $271,000 over eight hours and $210,000 in four hours may suggest that tokens are leaving exchanges, reducing the supply available for immediate sale.

While breaking $0.00000568 could strengthen the improving structure, losing $0.00000500 would call into question the existing ascending structure and put SHIB at risk of making another move towards the $0.00000480, $0.00000440 region.