Shiba Inu saw its spot flows flip positive early Saturday session as investors deposited tokens to exchanges in response to the selling pressure seen across the markets.
In the last 24 hours, Shiba Inu reported $11.43 million in inflows, according to spot flows data provided by CoinGlass, while outflows totaled $11.27 million. The net difference yields a positive inflow of $162,350, representing a net inflow increase of 133%.
A positive netflow suggests the presence of selling pressure in the market, reflecting the current bearish sentiment in the market, which saw Bitcoin and other major cryptocurrencies reach new yearly lows.
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Shiba Inu is extending its sell-off since Nov. 18 into the fourth day, as bears showed no respite in the markets.
Shiba Inu hit lows of $0.00000754 on Friday, as the crypto market extended a sell-off fueled in part by a liquidity crunch that followed October's sell-off and liquidation event. The drop in Shiba Inu's price coincides with its first ever weekly death cross.
Shiba Inu bottom reached?
Shiba Inu completed its first ever death cross on the weekly chart. While the indicator typically forebodes potential bearish momentum, there remains a little bit of positivity.
The ominous-sounding pattern in certain instances has proven to be a bear trap, marking bottoms and bullish trend reversals.
If this is the case, Shiba Inu will seek to establish a price bottom in the $0.000007 range. If the price rebounds, the next major resistance levels based on the weekly chart are in the $0.000014 range, which suggests a potential 100% rise from current levels if bulls return back to the game.
The broader market sentiment will be watched to determine what's next for Shiba Inu's price direction.
The market has hitherto struggled to find new buyers, and the momentum that had supported prices earlier in the year evaporated; if buying pressure returns to the market, Bitcoin, Shiba Inu and the rest of the crypto market might rebound.
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