Shiba Inu (SHIB), one of the most widely held meme tokens in the cryptocurrency market, has succeeded in pushing past a long-standing technical resistance on its daily chart. This price movem
Shiba Inu (SHIB), one of the most widely held meme tokens in the cryptocurrency market, has succeeded in pushing past a long-standing technical resistance on its daily chart. This price movement has drawn close attention from traders, especially as SHIB attempts to solidify its recovery structure after months of downward pressure.
SHIB surged dramatically from levels below $0.00000500 and is now trading near $0.00000609. The rally has lifted the token price above its long-term moving average, which had held around $0.00000560 since August and previously acted as a stubborn barrier to upward moves.
Since bottoming out in June around $0.00000410, SHIB has established a series of higher lows. Additionally, short-term moving averages have shifted direction and turned upward, indicating a change in momentum. The breakout above the long-term average was also accompanied by a notable uptick in trading volume, strengthening the bullish outlook in the near term.
SHIB’s sequence of higher lows and the current trading volume expansion suggest that the recovery structure is stronger than in recent months, though challenges remain as selling pressure grows on exchanges.
Despite the positive technical signals, on-chain data points to potential risks for SHIB’s breakout. The token’s reserves on centralized exchanges have risen to nearly $533.2 million, very close to the $534 million mark. In token terms, exchange reserves have grown by 0.22% over the last 24 hours, reaching approximately 87.7 trillion SHIB.
Total inflows to exchanges stand at around 477.5 billion SHIB, while outflows amount to about 286.4 billion SHIB. This results in a positive netflow of approximately 191.1 billion SHIB moved to exchange wallets.
Positive exchange netflows generally indicate that more tokens are being transferred to trading platforms than withdrawn. This can signal an increased willingness among holders to sell, which often creates additional immediate supply pressure just as the asset is attempting to maintain its gains.
Mini dictionary: Exchange netflow refers to the net difference between token inflows and outflows on centralized exchanges. A positive netflow means more tokens are entering exchanges than leaving, which can signal potential selling pressure.
Metric Latest Value SHIB price $0.00000609 Exchange reserve 87.7 trillion SHIB Exchange inflows 477.5 billion SHIB Exchange outflows 286.4 billion SHIB Netflow +191.1 billion SHIB Long-term moving average $0.00000560SHIB’s technical outlook remains stronger than it was earlier in September. Maintaining a price above $0.00000560 to $0.00000570 is seen as critical to sustaining the current bullish trend, potentially allowing SHIB to test the recent wick highs near $0.00000620 to $0.00000630. Clearing that range could open the way for a move toward the next resistance zone between $0.00000650 and $0.00000670, which defines the upper boundary of the May consolidation area.
If sellers overpower buyers and SHIB drops below key support at $0.00000560, doubts about the strength of the breakout would increase. A retreat below $0.00000520 to $0.00000500 could significantly compromise the recovery pattern.
Nearly half a trillion SHIB tokens moved onto exchanges just as the technical breakout occurred, intensifying the immediate challenge for bulls aiming to defend the new highs.
SHIB has managed an important technical accomplishment with its recent surge, highlighting new upside potential. Yet, this achievement comes as the token faces its first real test: the ability of buyers to absorb an expanding exchange supply totaling almost 200 billion tokens. The crypto market is now watching whether SHIB can hold its newly gained ground or if selling pressure will halt the recovery in its tracks.
The post Shiba Inu breaks key resistance, but 191 billion SHIB flows to exchanges appeared first on COINTURK NEWS.
