Shiba Inu is currently priced around $0.00000517, with market activity turning notably quiet. Recent trading volumes are much lower than the surges observed in late July, August, and Septembe
Shiba Inu is currently priced around $0.00000517, with market activity turning notably quiet. Recent trading volumes are much lower than the surges observed in late July, August, and September, signaling a lack of clear direction between buyers and sellers.
After peaking close to $0.00000627 in late September, SHIB failed to sustain gains above its long-term moving average, which sits near $0.00000563. It has since slipped beneath the blue and orange moving averages at approximately $0.00000541 and $0.00000529, respectively. Both now serve as resistance levels, limiting the potential for an immediate rebound.
The daily Relative Strength Index (RSI) is hovering around 40. This reading points to weak market momentum, although it does not suggest the token is currently oversold. As a result, a sharp bounce cannot be counted on at this stage.
The price recently dipped to roughly $0.00000502, prompting some buying activity. The $0.00000500 area stands out as key support. Should SHIB fall below this threshold, there is risk of a decline toward September’s low of around $0.00000475. Conversely, a recovery above $0.00000530 may indicate that sellers are beginning to lose their grip.
On-chain data for Shiba Inu shows a mixed picture. Exchange reserves are estimated at 87.1 trillion SHIB, which marks a daily decrease of 0.11%. Netflow is negative at roughly 98.9 billion SHIB, meaning more tokens have left exchanges than entered. This dynamic typically suggests that holders are not in a hurry to offload their coins.
However, the details are not entirely favorable. Over the past seven days, the average amount of SHIB leaving exchanges has fallen by 42%, while the average inflow declined 14%. The reduced movement of coins in both directions aligns with the subdued trading volume visible on the charts.
Network activity has also shown limited change. The number of daily transactions remains close to 4,800 and transfers are near 3,700, with neither metric moving more than 1% for the day. The combined value of SHIB held on exchanges stands at approximately $447.7 million, down 0.69%. Meanwhile, the burned supply metric currently displays no available data, offering no clear indication of token burns providing support for price action.
Mini dictionary: Netflow refers to the difference between cryptocurrency tokens sent to and withdrawn from exchanges. A negative netflow indicates that more tokens are being withdrawn than deposited, which is often interpreted as investors moving assets to private wallets instead of preparing to sell on open markets.
At present, SHIB continues to trade below resistance, with minimal trading activity hinting at indecision among participants. A decisive move, ideally accompanied by an increase in volume, will be necessary to clarify the token’s next direction.
Metric Current Value Change Trading Price $0.00000517 – Peak Price (Sept) $0.00000627 – Support $0.00000500 – Resistance (MAs) $0.00000541 / $0.00000529 – Exchange Netflow -98.9 billion SHIB More outflows Exchange SHIB Value $447.7 million -0.69%For now, SHIB remains capped below resistance with low trading volumes and no momentum from either buyers or sellers. The possibility of a fresh retest of $0.00000500 cannot be ruled out until the market sees a strong shift in participation.
The post Shiba Inu trades near $0.00000517 as volume and momentum stall appeared first on COINTURK NEWS.
