Shiba Inu (SHIB) has recently caught the attention of investors due to adverse changes in blockchain data. Notably, a significant shift in the net inflows to exchanges was recorded, indicating a 70% decrease. This figure suggests a rise in selling pressure on the altcoin.
SHIB’s Exchange Activity
The latest blockchain data reveals notable changes in SHIB’s movements on exchanges. The 70% drop in net inflows suggests more coins are lingering on exchanges. Such a shift points to investors redirecting their assets to these platforms rather than holding onto them.
In the past week, an average of 1.5 billion SHIB coins has entered exchanges. The increase in coin inflows heightens the possibility of investors liquidating their positions. Such activity typically results in selling pressure on the market.
On the price front, SHIB experienced a pullback after a brief rise. Having tested the $0.0000143 level, the altcoin faced resistance, retreating to $0.0000139. Furthermore, the absence of a lasting close above the 200-day EMA created uncertainty in the technical outlook.
Key Price Levels for Shiba Inu
The current price movements have highlighted short-term support and resistance levels for Shiba Inu. Technical analysis suggests a support range between $0.0000135 and $0.0000138 for the altcoin. A break below this range could potentially lead to a decline to $0.0000127.
On the resistance side, the $0.0000145 level stands out. Surpassing this threshold might prompt renewed attempts at price increases. The flow trends into exchanges are seen as the most crucial factor determining SHIB’s short-term movements.
The current indicators suggest that investors should closely monitor exchange inflow and outflow data. The price trajectory of SHIB is significantly shaped by this activity.
