Shiba Inu (SHIB), Key Metric Collapses by 78%...Uptrend 'Comes to a Screeching Halt' Just as It Seemed to Be Rising

▲ Shiba Inu (SHIB)

The average outflow of Shiba Inu (SHIB) from exchanges has sharply decreased by 78% compared to its recent high, significantly weakening bullish signals on the supply side.

According to U.Today on September 15 (local time), the 7-day moving average of Shiba Inu's average exchange outflow decreased to approximately 421.6 million SHIB. This is a 55.75% decrease from the previous period, and a roughly 78% decrease compared to its recent high. A decrease in the volume of assets leaving exchanges means that the flow of immediately tradable supply is weakening.

The overall exchange flow was also not favorable for buyers. Exchange inflows increased by 1.07% to approximately 239.28 billion SHIB. Outflows increased by 1.3% to approximately 236.97 billion SHIB. Net inflow recorded a positive value of approximately 2.31 billion SHIB. This implies that more assets are entering exchanges than leaving them.

However, there are no signs yet that large-scale deposits have begun in earnest. Exchange holdings remained largely unchanged at approximately 87.19 trillion SHIB. U.Today analyzed that the shift to net exchange inflow combined with the decrease in average outflow is weakening the previously established supply-side advantage.

Network metrics showed slight improvement. Transaction count increased by 1.22%, active addresses by 1.13%, and active receiving addresses by 1.29%. Technically, the long-term moving average around $0.0000056 to $0.0000057 was presented as a major resistance. An analysis suggests that if it surpasses $0.0000054, it could retest the $0.0000056 to $0.0000058 range.

Conversely, if $0.0000050 breaks down, $0.0000048 and $0.0000045 were suggested as the next support levels. U.Today pointed out that a 78% reduction in the average exchange outflow from its peak does not confirm a further decline. However, it assessed that one of the on-chain signals that supported the previous rally has disappeared, while technical vulnerabilities remain.

[Article Key Summary]

-Shiba Inu's average exchange outflow decreased to approximately 421.6 million SHIB, a sharp drop of about 78% from its recent high.

-Net exchange inflow recorded a positive value of approximately 2.31 billion SHIB, weakening bullish signals on the supply side.

-Transaction count and active addresses slightly increased, but the $0.0000056 to $0.0000057 range remains a major technical resistance.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*