Shiba Inu Breaks Key Resistance as 191 Billion SHIB Enters Exchanges
Shiba Inu (SHIB) moved above a long-standing resistance level near $0.00000560, with the token trading around $0.00000609 as higher volume accompanied the breakout. The move marks a notable shift in SHIB’s recent price structure, although exchange flows are adding another factor for traders to monitor.
SHIB had repeatedly struggled to move beyond the long-term moving average around $0.00000560 since August. The token has also established a sequence of higher lows after reaching approximately $0.00000410 in June, while its shorter-term moving averages have turned higher.
At the same time, on-chain data showed that more SHIB moved into exchanges than out of them during the measured 24-hour period. The resulting net inflow of roughly 191.1 billion SHIB increased the amount of the token held on trading platforms, potentially adding to readily available supply.
Shiba Inu Moves Above $0.00000560
TradingView data showed SHIB trading above the long-term moving-average area that had previously limited its recovery. The breakout was accompanied by an increase in trading volume, while the token's higher-low structure has remained intact since its June low.
The shorter moving averages have also shifted upward, providing additional technical evidence that the recovery has gained momentum.
SHIB was trading near $0.00000609 after moving through the $0.00000560 area. The $0.00000560 to $0.00000570 zone now becomes an important level for determining whether the previous resistance can develop into support.
A sustained position above that range would leave the recent $0.00000620 to $0.00000630 area as the next level traders could monitor.
191 Billion SHIB Net Inflow Reaches Exchanges
CryptoQuant data showed approximately 477.5 billion SHIB flowing into exchanges during the measured 24-hour period, compared with about 286.4 billion SHIB in outflows.
The difference produced a net inflow of approximately 191.1 billion SHIB while the token was trading above its former resistance.
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| Source: TradingView |
Exchange reserves increased by 0.22% to approximately 87.7 trillion SHIB, with the reported dollar value of those reserves approaching $533.2 million.
The rise in reserves does not necessarily mean that holders are preparing to sell. Tokens can be transferred to exchanges for several reasons, and an exchange deposit alone does not establish the holder's intent.
However, a larger exchange balance means more SHIB is potentially available for trading. If some of those tokens are offered for sale, buyers may need to absorb the additional supply for the price to maintain its recent gains.
Key Levels Come Into Focus
The $0.00000560 to $0.00000570 range is now an important area for SHIB following the move above its previous resistance. Holding above that zone would keep the recent breakout structure intact and leave the $0.00000620 to $0.00000630 region as a nearby level to watch.
A move above $0.00000630 would bring the May resistance area between $0.00000650 and $0.00000670 into consideration.
On the downside, a decline below $0.00000560 would weaken the breakout. A deeper move toward $0.00000520 to $0.00000500 would put greater pressure on the recovery structure.
For now, SHIB's technical breakout and exchange flows point to different aspects of the market. Price action has moved beyond a resistance area that previously capped advances, while the 191.1 billion SHIB net inflow indicates that exchange-held supply has increased during the move.
Writer: Marcus RenfieldCrypto Market Analyst & Onchain WriterMarcus Renfield covers cryptocurrency markets with a focus on onchain data, Bitcoin price action, and emerging market narratives. His writing examines how capital flows, network activity, and broader market structure influence short- and medium-term trends.He aims to provide clear, data-informed analysis for readers seeking a deeper understanding of crypto market dynamics.