Shiba Inu's Recovery Attempt Canceled Amidst Sharp Decline in Exchange Flow Data

Shiba Inu's recent attempt at recovery has stalled, according to on-chain data. Over the past 24 hours, exchange net outflows fell by 522 billion SHIB, representing a dramatic reversal from the accumulation trend observed earlier this week.

The token failed to break through the crucial resistance area around $0.00000500 once more, and its price has fallen back toward the $0.00000460 area. The breakout attempt has been essentially canceled due to the inability to establish consecutive closes above the 50-day moving average.

The moving averages continue to paint a bearish picture, with SHIB still below the 50-, 100-, and 200-day moving averages. Although it is offering close support, the 20-day moving average has started to flatten as the upward momentum slows.