Shiba Inu logs 17.9 billion net inflow in 24 hours

Shiba Inu (SHIB) attempted a short-lived recovery, but the momentum appears to be fading. According to on-chain data, SHIB registered a positive net flow of roughly 17.9 billion tokens on exchanges after four consecutive days of negative readings. While this shift suggests short-term selling pressure could ease, the price response has so far remained muted.

Weakness persists in price movement

The technical outlook for SHIB remains cautious. The token continues to trade below key moving averages and is firmly entrenched in a bearish trend. The breakdown below the ascending channel that had carried prices from March to May marked a clear deterioration in the market structure.

Each attempt at a rebound since this breakdown has sparked renewed selling pressure. The latest price action reflected this trend as well. After a sharp pullback toward the $0.0000045 region, SHIB managed to stabilize and made a limited upward move, but failed to generate strong upward momentum.

Price and on-chain data move in opposite directions

A key takeaway from the data is the divergence between on-chain indicators and price performance. Typically, rising token outflows from exchanges are interpreted as a sign that investors prefer to hold rather than sell. In SHIB’s case, however, this signal is not yet reflected in strong price action.

There have been remarkable surges in withdrawals, including a session where more than 300 billion SHIB were moved off trading platforms in recent days. Even so, market participants have not translated this trend into aggressive buying, pointing to accumulation-like behavior that has not yet transformed into a clear bullish narrative.

Critical resistance zone under watch

Technical indicators continue to show that sellers have the upper hand. Although there has been a slight recovery from oversold territory, the relative strength index remains broadly weak. Following the initial steep drop, trading volumes have declined, highlighting that buying appetite is limited despite lower prices.

For a more convincing recovery scenario, SHIB needs to reclaim the former support area between $0.0000052 and $0.0000055. This region now coincides with key moving averages and acts as resistance. Unless this level is surpassed, any attempted upside is viewed more as a search for stability than the start of a trend reversal.

On the positive side for token holders, ongoing exchange outflows continue to signal accumulation. However, there is still no clear technical structure to confirm this trend in the charts. Currently, SHIB finds itself caught between improving on-chain signals and continued technical weakness.

The post Shiba Inu logs 17.9 billion net inflow in 24 hours appeared first on COINTURK NEWS.