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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