- •Shiba Inu’s exchange reserves show no movement, signaling market indecision.
- •SHIB price tests lower trendline, signaling possible end to consolidation.
- •Exchange activity stalls as traders await Shiba Inu’s breakout direction.
Shiba Inu has recently exhibited a rare period of inactivity in its exchange reserves, showing a 0% change in this metric over the last 24 hours. This unusual stasis means there have been no significant inflows or outflows of SHIB across exchanges, halting a trend that typically signals price volatility. The lack of movement suggests that neither buyers nor sellers are taking decisive action, resulting in market stagnation.
Currently trading near $0.0000119, SHIB finds itself at the lower boundary of a symmetrical triangle pattern on the charts. This technical formation, characterized by rising support levels and falling resistance, has been developing for several months. SHIB is now testing the lower trendline, which signals that the consolidation phase might be nearing its end.
Market Sentiment Shows Caution
Despite the frozen exchange reserves, other on-chain metrics hint at some slight activity. For instance, transaction counts and token transfers have increased by 1.24% and 1.48%, respectively. However, these marginal upticks have had little impact on the price movement, which remains subdued. The market appears cautious, with traders refraining from making large commitments until a clear breakout direction emerges.
Volume continues to decline, reflecting the overall hesitation in the market. The Relative Strength Index (RSI), currently at 41, suggests a slight bearish bias. A recovery above key moving averages, including the 50 EMA, 100 EMA, and 200 EMA, would be needed to trigger a potential bullish reversal. On the other hand, a breakdown below the $0.0000110 support could pave the way for further downside, potentially targeting the $0.0000090 level.
This quiet phase in SHIB’s price action is a result of a balancing act between hesitant buyers and sellers. Neither side is making significant moves, leaving the market in a state of uncertainty. As a result, traders are waiting for a breakout from this tight consolidation range, with volatility likely to return once a definitive move is made.