Growth
Shiba Inu Net Flow Data Signals Potential Reversal
Shiba Inu (SHIB) has seen a significant decrease in network activity, with more coins leaving exchanges than entering. This exchange data suggests a possible reversal in the cryptocurrency's price. The price has been rejected in the $0.00000550 to $0.00000560 area multiple times. Support is at $0.00000530, with a deeper wick reaching $0.00000510 on October 6. The next floor is at $0.00000500. On-chain data indicates a net outflow of about -27.3 billion SHIB, meaning more coins are moving out of exchanges than into them. Exchange reserves have slightly decreased, but the seven-day average inflow has increased by about 13% in the last day, indicating some active sellers. If SHIB closes above $0.00000560 with strong volume, buyers will take control, and the next targets are $0.00000580 and $0.00000600. Continued net outflows would support this view. If the price closes below $0.00000510, the reversal idea fails, and the next support area is between $0.00000470 and $0.00000450, where the summer lows formed. Exchange flow data shows that more coins are moving off exchanges than onto them, which is a mildly bullish sign for the cryptocurrency's price.