Shiba Inu's hourly chart just flashed a golden cross. The moving average 50 has gone above the moving average 200. In the last 24 hours, Shiba Inu has recorded positive price action and shows a 1.43% daily move to $0.000006.
Shiba Inu spot flows stay positive on most time frames and show more supply to exchanges. Inflows have well surpassed outflows, with spot flow increases reaching 7,004% in the last eight hours, according to CoinGlass data. More coins being moved to exchanges might suggest holders seeking to take profits.
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On the technical charts, momentum stays fragile, with lower highs forming and still defining the short-term structure. Spot markets are showing signs of a slowdown, with trading volume remaining subdued and overall activity quiet.
SHIB/USD Hourly Chart, Image By: TradingView
CoinMarketCap's figures indicate that Shiba Inu's volume increased a mere 1.53% over the past day, reaching $109.72 million. This might signify traders less convinced about recent price.
Derivatives market signals a bit of a red flag
Traders are still not convinced, judging by trading positions. Despite this, SHIB's open interest climbed almost 3% over the past day, reaching $53.11 million, even as funding rates held steady.
This could mean the groundwork for a rebound is being laid, though more robust demand might be necessary to solidify a lasting price shift.
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Shiba Inu rose above the daily MA 50 near $0.000006 yet again in March. Previous attempts have seen SHIB unable to sustain a breakout above this level. If it happens, Shiba Inu might aim for $0.00000625, with the ultimate aim of reaching $0.000010. On the other hand, a drop might target support in the $0.000005 range.
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