Shiba Inu has witnessed a substantial outflow from exchanges, with approximately 207 billion SHIB exiting platforms within a single day. This recent event marks one of the largest withdrawal figures seen in months, highlighting a notable trend in the market.
According to data from CryptoQuant, a significant net outflow of 121 billion SHIB was recorded on November 15, and similar patterns persisted into November 16. Such consistent withdrawals are often indicative of a long-term investment strategy, suggesting that holders are not succumbing to short-term market pressures.
As exchanges experience this level of outflow, selling pressure diminishes, which reduces the risk of a drastic price drop. However, despite these encouraging signs, Shiba Inu remains constrained beneath significant technical resistance levels. Currently, the price is trading between $0.0000090 and $0.0000093, situated in a local support zone that has previously proven resilient.
The relative strength index (RSI) stands at around 39, indicating weak momentum but not a complete capitulation among holders. Importantly, the steady trading volume hints at a collective decision among investors to hold their assets rather than panic-sell, aligning with the ongoing outflow data.
This trend suggests that rather than entering a liquidation phase, SHIB may be in an accumulation phase, with holders positioning themselves for potential future gains. To spark a more bullish movement, the price must clear the resistance level of $0.0000105, where moving averages start to converge. The next critical point to watch is $0.0000112.
While the current breakout remains unconvincingly bullish, the rapid outflow of supply from exchanges typically foreshadows significant shifts in market trends. Should this outflow continue and prices maintain their current support levels, Shiba Inu could be setting the stage for a potential recovery.
