Bulls were able to raise the price a little after the asset broke out of a short-term declining structure. But even with the breakout, a protracted bearish trend that has dominated Shiba Inu for months is still evident in the overall market structure.
The rise in exchange reserves is one of the most significant indicators currently influencing the future. The total amount of $SHIB tokens held on centralized exchanges has increased to about 80.63 trillion, according to data, which represents a 0.14 percent increase in just one day.
Shiba Inu are ready to sell
This trend could also be a bearish sign. Large token movements on exchanges frequently indicate that holders are getting ready to sell or reallocate their holdings. Increased exchange liquidity may result in more supply entering the market, which may exert pressure on efforts to raise prices.
Technically speaking, $SHIB's recent recovery is still brittle. The asset still trades below a number of important moving averages that serve as resistance, even though it was able to break free from a short-term consolidation pattern. In particular, the 26-day exponential moving average continues to be a critical level that bulls need to reclaim in order to validate any significant recovery.
On-chain activity also displays conflicting signals. Over the past 24 hours, there has been a slight increase in active addresses, which suggests that users are becoming more involved. Nevertheless, this expansion has not yet resulted in consistent demand strong enough to buck the general trend.
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