Shiba Inu (SHIB) saw heightened trading activity this week, with a single exchange registering trading volumes above $50 million. The surge coincided with a sharp price increase and intensified on-chain transactions, indicating renewed investor interest in the memecoin.
Price action and resistance levels
SHIB reached a session high of approximately $0.00000627 before pulling back to around $0.00000594. The token briefly climbed more than 10% from its previous trading range but encountered strong selling pressure in the $0.00000600 to $0.00000620 region.
This price movement was accompanied by one of the largest daily trading volume bars recorded since August. The technical breakout saw SHIB surpass its declining long-term moving average at $0.00000560, a level that had previously capped recovery attempts.
SHIB’s ongoing challenge is to decisively overcome the resistance zone between $0.00000600 and $0.00000620. After retreating from the recent peak, sellers remain active within this range. A daily close above it could potentially open a path toward the next resistance levels at $0.00000650 to $0.00000670, which last acted as a ceiling in May.
| Key Level | Role |
|---|---|
| $0.00000560 | Support (long-term moving average) |
| $0.00000600–$0.00000620 | Resistance (current sellers’ zone) |
| $0.00000650–$0.00000670 | Resistance (May high) |
On-chain exchange flows
On-chain data revealed notable shifts in SHIB flows on exchanges. Total inflows to exchanges rose by 3.25%, while outflows increased more sharply at 8.4%. The average individual inflow grew 0.94%, and the average outflow size rose by 5.22%. Meanwhile, netflows came in at around -51.7 billion SHIB, meaning more tokens left tracked exchanges than entered during the period.
Exchange reserve balances also declined by 0.6%, supporting the observation that investors are withdrawing tokens at a faster rate. This negative netflow, paired with rising trading volumes, is often viewed as a constructive sign, signaling that coins are being moved off exchanges amid strong demand rather than a buildup for selling.
Together, these trends point to underlying strength beyond the surge in trading volume alone. While intense trading often signals either heavy accumulation or distribution, the simultaneous drop in on-exchange balances suggests buyers are driving the rally rather than sellers.
Net withdrawals indicate that exchange reserves are shrinking as the rally unfolds, while aggressive trading volumes may reflect robust buying pressure.
Technical outlook: Challenges and momentum
The $0.00000560 mark, once a significant resistance, now serves as the primary support level to monitor. Maintaining this zone would validate a breakout followed by a successful retest, offering a more convincing technical structure than the recent rapid move.
For now, SHIB’s rally is supported by a sharp rise in volume, a shift in exchange flows, and a confirmed breakout above a long-term moving average. The current question is whether buyers can sustain this momentum and keep the price trading above $0.00000600 in the coming sessions.
