Shiba Inu's Recovery Stalls on $522 Billion Outflow

Shiba Inu's (SHIB) recent attempt at recovery has stalled, according to on-chain data that shows a dramatic reversal in exchange net outflows. Over the past 24 hours, a staggering $522 billion worth of SHIB was withdrawn from exchanges, undoing earlier accumulation trends.

The token's failure to break through the crucial resistance area around $0.00000500 for the second time has also led to declining price action and waning buying interest.

The 50-day moving average remains a critical hurdle for SHIB, with the token still below it and unable to establish consecutive closes above it.

The overall trend is extremely bearish, with the 20-day moving average flattening as upward momentum slows down. The indicator has moved back towards the neutral 50 level after momentarily entering bullish territory.