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▲ Shiba Inu (SHIB)
Signals of easing selling pressure have been detected as Shiba Inu (SHIB) experienced an outflow of over 1 trillion units from exchanges.
According to U.Today, a cryptocurrency specialized media outlet, on April 14 (local time), analyst Arman Shirinyan stated that recent on-chain data showed a change in the positions of large holders. While both inflows and outflows to exchanges increased simultaneously, outflows predominated, with a total of 1.24 trillion SHIB moving out of exchanges. This is interpreted as a trend where the immediate sellable volume in the market is decreasing.
The price still shows a limited trend. Shiba Inu is trapped in a sideways range, fluctuating between $0.0000058 and $0.0000060. The major moving averages maintain a downward slope, acting as overhead resistance, and no clear trend reversal signals have been confirmed.
The market views the current range as a phase of low-price accumulation, mainly by large investors. As selling pressure eases, long-term holders are moving their assets out of exchanges, leading to a gradual change in the supply structure. A net outflow of over 1 trillion SHIB is considered a signal of a shift in the supply and demand structure.
However, there are still limitations for price rebound to continue solely based on improved supply and demand. If the outflow-dominant trend continues and major support levels are maintained, an attempt at a rebound is possible, but a short-term recovery trend may be limited if inflows resume.
*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.*
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