0% Shiba Inu in 24 Hours: Key Metric Halted

With a 0% change in its exchange reserve metric over the past day, Shiba Inu is displaying a rare sign of inactivity on the exchange front. This essentially means that there have been no significant SHIB inflows or outflows across exchanges, reversing a trend that usually increases price volatility.

Shiba Inu: No movement?

Stasis in reserves frequently indicates market indecision because neither buyers nor sellers are intervening forcefully enough to change the balance. At the moment, SHIB is trading close to $0.0000119, which is the lower edge of a conventional symmetrical triangle.

For months, the price has been compressing inside this structure, which is indicated by rising support from the summer lows and falling resistance from the highs. SHIB is currently testing the lower trendline, indicating that the consolidation phase is nearing a turning point.

On-chain dynamic

It appears that traders are hesitant to make large commitments until SHIB confirms its next breakout direction, as evidenced by the fact that exchange reserves froze at 84.57 trillion tokens. Other on-chain data, however, does indicate some slight activity: transaction counts increased by +1.24%, and token transfers increased by +1.48%. However, the price momentum remains muted and does not reflect these marginal increases.

This hesitation is also reflected in the chart’s thinning volume. While not yet in oversold territory, the RSI, which is at 41, indicates a bearish bias. Regaining the cluster of moving averages above (50 EMA, 100 EMA and 200 EMA) would be required for any bullish reversal attempt, while a clear breakdown below support at 0.0000110 might pave the way for a move toward 0.0000090.

One way or another, SHIB is stagnant on the charts and the chain. Both buyers and sellers are marginalized, as evidenced by the 0% change in the exchange reserve. When this lull ends, traders should brace themselves for volatility, but for the time being, Shiba Inu is essentially stagnant.