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Shiba Inu’s price chart resembles a tightly coiled spring, according to CryptoQuant, hinting at a potential explosive move, but not without caution. A wall of resistance looms overhead as the 50, 100, and the formidable 200-day EMAs stubbornly cap any upward surges. Until Shiba Inu decisively breaches these levels, the meme coin remains trapped in a bearish undertow, its multimonth downtrend refusing to loosen its grip. Will it break free, or will the pressure lead to further decline?
Does bounce matter?
While this recent price bump is getting attention, it hasn’t broken through any major barriers. But here’s where things get interesting: On-chain data throws a curveball. A massive 19billionSHIB tokens have fled exchanges in the last 24 hours. This tidal wave of net outflows usually signals one of two things: investors are either scooping up tokens like crazy, or they’re locking them away for the long haul, stashing them in personal wallets instead of leaving them on exchanges.
Shiba Inu’s price could be poised for a jolt. Exchange reserves have dipped slightly to roughly 81.62 trillion SHIB, suggesting dwindling sell-off pressure. While SHIB sentiment has been stuck in neutral, these subtle shifts hint at a potential change in direction, offering a glimmer of hope for a breakout.
Transaction whispers hint at a pulse, with activity nudging upward and active addresses inching nearly 1% higher. Hardly fireworks, but these glimmers confirm the network’s heartbeat persists, a defiant rhythm against the backdrop of lackluster price action.
Opposition increasing
Is SHIB poised for a breakout? The charts whisper “maybe,” but roar “show me the volume!” Right now, SHIB’s facing a wall of resistance, and the buying power behind it feels…anemic. Think perfectly arranged pastries: pretty to look at, but lacking substance. These neat, little price movements are likely to crumble unless a stampede of buyers storms the market.
SHIB’s selling storm is calming, hinting at brighter skies. If HODLers keep snatching tokens from exchanges, a supply crunch could ignite the price. But beware, without genuine demand, SHIB risks either a stagnant dance or a sharp rejection at the next major EMA test.
Don’t mistake this setup for a green light. SHIB’s pulse is detectable in the outflow data, hinting at a potential comeback, but the vital signs remain weak. The real tell? Watch the exchanges: are SHIB reserves continuing their descent? Is trading volume finally awakening? Only when these two align will SHIB’s recovery transform from a flicker of hope into a genuine resurgence.
Thanks for reading -19000000000 in 24 Hours: Shiba Inu (SHIB) Has a Chance
