SHIB outflow spikes 451B in 24h, price holds near $0.0000055
On-chain data for SHIB shows a sharp exchange outflow spike: about 451B SHIB left exchanges in the past 24 hours (+147%), while exchange inflows were only around 244B SHIB. That points to weaker immediate sell pressure, even though exchange reserves remain high near 80.3T SHIB and the reserve growth rate is slowing.
However, SHIB’s technical picture is still fragile. The token broke down from a rising wedge pattern formed since March and is trading below key short- and medium-term moving averages. Price is currently consolidating just above the $0.0000055 support, with RSI nearing oversold levels—often consistent with stabilization rather than an immediate crash.
Traders are watching whether SHIB can hold $0.0000055 and sustain low exchange outflows. A recovery could target resistance around $0.00000630–$0.00000650, but broader market caution (with BTC momentum cooling and overall volatility easing) keeps the outlook mixed for meme-coin risk appetite.
Neutral
SHIB’s outflow data is improving (451B SHIB leaving exchanges vs 244B entering, with reserve growth slowing), which can reduce immediate panic-selling pressure. That’s a constructive near-term signal.
Yet the market still treats SHIB as technically weak: it has already broken down from the March rising wedge and remains below key moving averages. Even if RSI is nearing oversold conditions, this often leads to stabilization, not a confirmed trend reversal.
So the net effect for SHIB is mixed. Traders may see short-term stabilization and attempt a reclaim toward $0.00000630–$0.00000650, but follow-through likely depends on continued low exchange outflows and broader risk sentiment—especially as BTC momentum cools.