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Shiba Inu saw a 658% increase in spot flows in the last 12 hours, CoinGlass data indicates. The increase comes amid a market recovery, with most crypto assets returning to green after an earlier sell-off. The increase remains significant as spot flows might indicate market supply or demand.
At the time of writing, $SHIB was up 2.65% in the last 24 hours to $0.000005437.
According to CoinGlass data, Shiba Inu spot inflows came in at $2.52 million, while spot outflows arrived at $2.25 million. The difference, which is $268,940, yields a spot netflow spike of 658.56%.
Shiba Inu's spot flow surge coincides with rising open interest. $SHIB open interest has risen 9.39% in the last 24 hours to $62.98 million as leverage builds on the market.
$SHIB price action
Shiba Inu price reversed a four-day drop following a surge to $0.00000587 on March 4. Shiba Inu rose to $0.00000548 early Monday, near where it currently trades.
Shiba Inu's Bollinger Bands are contracting on the weekly chart. This classic technical signal suggests the meme coin might be consolidating for a potentially major move. The narrowing of the bands follows consecutive weekly price drops, with the $SHIB price falling in the last three weeks.
The next resistance targets for Shiba Inu in the short term are at $0.00000587 and $0.00000653, while support is expected at $0.00000526.
The broader crypto market action will be watched with respect to Shiba Inu's price recovery. U.S. inflation data is the major catalyst to watch this week, as it could move the needle on market sentiment and Federal Reserve interest rate cut potential.
For economic data, U.S. CPI and Core CPI data are scheduled for March 11, while the personal consumption expenditures index and JOLTs job opening figures for January are expected on Friday.