Shiba Inu’s September recovery is facing renewed selling pressure as exchange-flow data reveals a shift in favor of deposits. The token’s price action has brought it back to a key long-term technical level, placing its recent rally under scrutiny.
Mixed signals from exchange flows
On-chain analytics indicate the average daily inflow to exchanges increased by 1.98%, reaching approximately 1.10 billion SHIB in the last 24 hours. The ten largest inflow transactions combined for about 5.40 billion SHIB, while total inflows were up by 0.98%.
A rise in exchange deposits often suggests heightened selling intent since tokens transferred to platforms are positioned for potential liquidation. However, the latest figures also show strength in outflows: the top 10 outflows surged by 2.14%, and the average outflow climbed by 2.24%.
Despite the uptick in both directions, the overall netflow remains negative, meaning withdrawals are still outpacing deposits. Yet this mixed dynamic arrives as SHIB’s price is already under downward pressure, recently trading near $0.00000568 after facing continued resistance at the $0.0000060 to $0.0000062 range.
Crucial technical levels in focus
Earlier this month, SHIB broke above its 200-day moving average for the first time in several months, signaling optimism among bulls. Yet the subsequent decline has brought the token back in line with this level, now hovering between $0.0000056 and $0.0000057. This price zone is seen as pivotal for the token’s short-term outlook.
The recent decline could be interpreted as a retest of SHIB’s September breakout, provided the price holds at the 200-day average. For bullish momentum to return, buyers will need to reclaim $0.0000059 before attempting another move toward the $0.0000061 to $0.0000062 resistance. However, a decisive fall below $0.0000056 would likely worsen the technical outlook.
Should this support break, focus would shift lower to a moving-average cluster near $0.0000051 to $0.0000052, placing SHIB back under sustained long-term resistance and exposing a potential drop toward $0.0000054.
Momentum and investor sentiment
Recent red candles suggest buyers are struggling to sustain upward moves beyond $0.0000060. The relative strength index (RSI) has also cooled to the mid-50s range after briefly reaching overbought levels during the prior rally.
Because outflows remain significant, an average exchange inflow of over one billion SHIB does not necessarily point to an imminent sell-off. However, when these inflows combine with a failed breakout and a return to the 200-day moving average, they add another layer of difficulty for bulls hoping for a continued rebound.
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