The Shiba Inu price climbed almost 9% today, September 21, breaking above a level that had restricted its recovery for several months.
$SHIB reached the $0.00000608 price level before it eased to around $0.00000596 level. The breakout gives buyers some encouragement, although its exchange activity suggests that the rally still faces a test.
Shiba Inu price clears a major barrier
$SHIB started trading at around the $0.00000550 level before moving by 8.56%, according to the daily chart. Trading activity also increased as the price moved towards the $0.00000600 price level.
More importantly, $SHIB moved above its 200-day average at about $0.00000562, and this level had previously acted as a ceiling.
Moving above it suggests that the market conditions are improving. But for the move to be confirmed, $SHIB must remain above that level after the initial excitement it saw stops.
The next resistance sits around the $0.00000608 level, which is the day’s high. If it moves beyond that level successfully, it could bring the August peak near $0.00000620 back into view.
But if buyers lose control of the level it could not go above, around the $0.00000562 price level could become the first area of support. The $0.00000545 to $0.00000550 level will then be the next level to watch.
Exchange flows temper the optimism
Its exchange activity gives a slightly more cautious picture.
Santiment data showed that about 111.23 billion $SHIB entered exchanges, while around 87.75 billion left them. This means that there was a net inflow of around 23.48 billion tokens.
The latest inflow was not a lot compared with spikes seen on the chart.
What is seen does not point to a lot of selling pressure. What it suggests is that some holders may be getting ready to take profits following the positive trend $SHIB has seen.
This means the breakout remains intact, but the next few trading sessions matter. If it holds above the $0.00000562 price level, it would strengthen the recovery. On the other hand, if it goes below it, it could turn the recent move into another failed attempt.
Final Summary
- $SHIB rose 8.56% and crossed its 200-day average near the $0.00000562 price level.
- Its net exchange inflows reached about 23.48 billion $SHIB but remained small compared to its past trends.
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