• Shiba Inu takes plunge
• Still too much pressure

On-chain data indicates that even a significant 15.4 billion SHIB outflow from exchanges over the previous day is still insufficient to rekindle bullish momentum. Shiba Inu's netflow turned sharply negative at -18.1 billion tokens, according to CryptoQuant data. This indicates that more SHIB has been taken out of exchanges than deposited, which is usually a positive sign indicating accumulation or less pressure to sell in the near future. But there has not been much of a price reaction. 

Shiba Inu takes plunge

As of press time, SHIB is trading at about $0.0000099, a decrease of about 2% from the same period. The 26-day EMA, which has now flattened and become a stubborn ceiling, is one of the major technical resistance levels that the asset still struggles under. With the 50-day EMA close to $0.0000108 and the 200-day EMA well above $0.0000125, the overall structure is still bearish. 

The price recovery of SHIB is probably going to stay limited in the near future unless there is a distinct break above these dynamic resistance lines. The picture on the chain conveys a similar message. However, some long-term holders are shifting their assets off exchanges — which is typically a sign of confidence that the magnitude of the shift is insufficient to counteract the ecosystem's lack of transactional and burn activity.  

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Still too much pressure

The outflows are, to put it simply, encouraging but not enough. Withdrawal volume indicates some quiet accumulation, but not at a rate that alters the overall picture. Volume trends are still thin, and the RSI around 47 indicates waning momentum, which is a classic indication of hesitancy rather than conviction. 

Patience is therefore essential for investors. The token will probably continue to move sideways or experience fresh sell pressure unless SHIB can recover $0.0000108 and maintain that move with higher volume and regular burns. To put it briefly, 15 billion SHIB leaving exchanges is a start but is by no means the game-changer the market needs to change course.

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