Shiba Inu is currently trading around $0.00000517, reflecting a noticeable slowdown in market activity. The trading volume has significantly diminished compared to the sharp spikes witnessed in late July and into August and September. This decrease in volume has restricted the strength of price movements, leaving both buyers and sellers without a clear advantage.
Weak Price Trend Persists
SHIB climbed to $0.00000627 at the end of September, yet failed to maintain sustainability above the long-term moving average near $0.00000563. Consequently, prices have slipped below short-term averages around $0.00000541 and $0.00000529, which are emerging as resistance levels in upward attempts.
The daily RSI indicator hovers around 40, indicating weak momentum and suggesting the market hasn’t entered oversold territory. This weakens the likelihood of an organic bounce-back without stronger triggers.
Shiba Inu’s price direction requires a movement backed by increasing volume as buyers and sellers struggle to establish dominion.
$0.00000500 Level Emerges as Short-Term Benchmark
Prices recently dipped to approximately $0.00000502, triggering a round of buying. Thus, the $0.00000500 level is viewed as a crucial short-term threshold. Should it fall below, a retest of the September low of $0.00000475 could come into play.
Conversely, surpassing $0.00000530 could signal relief from selling pressure. However, a solid recovery will necessitate not just a price rise but a marked rebound in trading volume as well.
Mixed Signals from On-Chain Data
On-chain indicators provide a mixed outlook. SHIB reserves on exchanges stand at 87.1 trillion with a daily 0.11% decline, while net flow is negative at 98.9 billion SHIB. This indicates more tokens leaving exchanges than entering, suggesting investors are not in a rush to sell.
Over the past week, average outflows have decreased by 42%, and inflows have dropped by 14%. This lull in activity is consistent with the observed low-volume market structure. As a meme coin developed on the Ethereum network, Shiba Inu has a broad investor base.
Despite limited selling pressure indicated by net outflows, diminished inflow and outflow activity suggests enduring market hesitance.
Network Activity Remains Flat
Network data paints a calm picture, with transaction numbers around 4,800 and transfers at approximately 3,700. Daily increases in both metrics are below 1%. The total value of SHIB held on exchanges has fallen to $447.7 million, recording a 0.69% decline.
The absence of data on the burn supply metric, which could support price levels, indicates that significant momentum remains elusive. Unless there is a notable uptick in volume, challenges centered around the $0.00000500 mark are likely to persist.
