Shiba Inu (SHIB) is still fluctuating near the lower end of its recent trading range, showing a weak short-term trend. CoinJournal, citing market and on-chain data, reports that SHIB is currently trading at approximately $0.00000476, with its 24-hour trading range roughly between $0.000004638 and $0.000004789, showing a slight intraday decline. Looking at a longer timeframe, the token has fallen by approximately 17% in the past 30 days and nearly 59% in the past year. However, the 24-hour trading volume remains at approximately $54.7 million, indicating that market activity has not cooled significantly.
Pressure near support level
From a price structure perspective, SHIB is testing support around $0.0000046, with lower support around $0.00000430. Resistance is concentrated at $0.0000048 and $0.00000491.
The article notes that the SHIBOR is currently below the major exponential moving averages (10-day, 20-day, 50-day, 100-day, and 200-day), and neither the short-term nor medium-term trends have shown significant improvement. Of the 23 technical signals tracked, 13 are bearish, 9 are neutral, and only 1 is bullish. The Relative Strength Index (RSI) is around 35, indicating that prices are approaching oversold territory, but this does not necessarily mean the trend has reversed.
The scale of destruction has been significantly reduced.
In addition to price movements, SHIB's recent token burning activity has also slowed down. Shibburn data shows that the current daily average burning volume is about 1 million SHIB, which is only about $5 at the current price; the weekly total burning volume is about 15 million, worth about $75.
Considering the overall circulation size of SHIB, this level of destruction has a very limited impact on total supply and is unlikely to drive price changes independently in the short term. The article argues that with weak demand, the supply reduction is too small to provide significant support.
Net outflows from exchanges failed to trigger a rebound.
Meanwhile, Shibarium, as the Layer 2 network of the SHIB ecosystem, is still processing transactions, but has not had a visible impact on price stability or upward momentum recently. Lacking stronger network demand, SHIB's price movement remains more driven by overall market sentiment and key price levels.
On-chain data presents a different picture. CryptoQuant reports that total SHIB reserves on exchanges have fallen below 80 trillion. In the past 24 hours, exchanges saw a net outflow of approximately 266 billion SHIB, a flow typically interpreted as holders transferring tokens off platforms for medium- to long-term holding. However, this change has not yet translated into a significant price reaction; SHIB remains near the lower end of its recent range, indicating that buying pressure is insufficient to reverse the overall selling pressure.
