- SHIB trades below all major daily EMAs, confirming bearish structure.
- Exchange-held SHIB supply fell 21% in 30 days, Nansen data shows.
- Whale wallets added over 96 billion SHIB from December lows.
Shiba Inu is trading near $0.00000819, according to the latest CoinMarketCap chart data. The price remains under pressure as it continues to move within a well-defined descending channel that has shaped recent market activity.
Descending Channel Maintains Bearish Structure
On the daily timeframe, SHIB continues to respect the downward-sloping channel that began in early October. Each rebound attempt has stalled below channel resistance, confirming persistent selling pressure.
The token trades below the 20, 50, 100, and 200-day exponential moving averages. This stacked EMA structure reinforces the bearish trend and limits upside potential.
The 200-day EMA is positioned near $0.0000114, well above the current price. This distance shows how much price would need to recover to signal a broader trend change.
Support remains concentrated between $0.0000078 and $0.0000076. This area aligns with the lower boundary of the descending channel and remains closely watched.
Short-Term Charts Show Weak Momentum
Short-term price action reflects fading recovery attempts. On the 30-minute chart, SHIB briefly formed a rising channel. That structure has weakened as the price slipped back toward intraday lows. Selling pressure appears quickly during small rebounds.
Momentum indicators remain soft on lower timeframes. The relative strength index sits in the mid-30s, showing weak demand. MACD readings remain flat to negative, with no bullish crossover. These signals suggest price stabilization rather than reversal.
Spot flow data adds to near-term caution. Recent sessions recorded net outflows of nearly $600,000. These flows show increased movement of SHIB toward exchanges. This pattern often aligns with short-term defensive positioning.
On-Chain Data Points to Supply Shifts
On-chain metrics present a contrasting view to technical charts. Data from Nansen shows SHIB exchange balances declined by 21% over the last 30 days. Exchange-held supply fell from about 366 trillion to roughly 288 trillion tokens. This trend indicates increased transfers into self-custody.
Whale wallets have also increased holdings during recent sessions. Large holders accumulated more than 96 billion SHIB from December lows. Holdings had earlier dropped near 1.36 billion tokens.
At the same time, the SHIB holder count continues to rise. Wallets holding SHIB increased from around 1.46 million to about 1.54 million during the year.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
