Exchanges hold 86.04 trillion tokens worth approximately $382.87 million. SHIB exchange outflows exceed inflows, but overall netflows remain relatively modest. SHIB must defend $0.00000413 to
SHIB facing yet another test as selling pressure continues weighing on the meme coin. Around $380 million worth of SHIB currently sits on cryptocurrency exchanges. However, exchange balances tell only part of the story. Liquidity remains thin, trading activity has weakened, and technical indicators favor sellers. With SHIB trading near $0.00000444, investors now watch one critical support level closely.
https://twitter.com/36Crypto1/status/2120532812160016771?a=pJ5AYiUltuAy-Jkz9qI&s=19According to CryptoQuant, exchanges currently hold approximately 86.04 trillion SHIB. The tokens carry an estimated market value of $382.87 million. While the figure appears substantial, actual market liquidity tells a different story. Selling such a large position would not generate $380 million. Heavy selling would push prices lower as available buyers absorb the supply.
Consequently, the final execution value could fall considerably below the current valuation. Institutional investors also face limited liquidity at current trading levels. Most SHIB holders appear to consist of retail investors. This makes large transactions more difficult without significant price movements. Exchange netflows also show modest activity. Approximately 45.5 billion SHIB left exchanges over the past 24 hours.
Outflows reached 333.7 billion SHIB, while inflows totaled 326.2 billion. These movements largely reflect ordinary investor behavior. Traders move tokens between exchanges and private wallets throughout the day. The resulting net value barely reaches $200,000. Therefore, current exchange movements offer limited evidence of major accumulation. Investors need stronger demand before expecting a meaningful recovery.
SHIB currently trades around $0.00000444, below all major moving averages. The broader market reversal has also weakened the token's recovery attempts. The ascending trendline supporting SHIB since July broke during mid-October. That breakdown opened the door to additional losses. Meanwhile, the 200 EMA continues acting as strong resistance. SHIB has struggled to reclaim this important technical indicator.
Bearish momentum also remains stronger than recent recovery attempts. The Relative Strength Index (RSI) currently hovers around 37. This reading indicates bearish momentum without reaching oversold territory. Trading volume also remains near the lowest levels in months. A convincing reversal would require stronger buying activity. Without increased volume, upward movements could struggle to gain momentum.
The next important support sits around $0.00000413. This level previously triggered a price reversal during July. Buyers could return if SHIB approaches the same region again. However, losing this support would create another challenge. The current chart offers no clearly established support below $0.00000413. For now, SHIB holders face an important decision point. Defending support could create room for a recovery attempt. A breakdown, however, could expose the token to further declines.
