- SHIB dropped 10.13% over the past 7 days despite large exchange outflows.
- 125B SHIB tokens were withdrawn from exchanges on November 15.
- Exchange reserves fell from 82.03T to 81.77T SHIB between November 1–16.
Shiba Inu (SHIB) has faced a steady price decline despite a major drop in exchange reserves. On November 15, about 125 billion SHIB tokens were withdrawn from centralized exchanges, according to data from CryptoQuant.
However, this movement did not lead to a price recovery. Instead, the token declined to $0.00000895 on the same day and continued to fall to $0.0000086 on November 16. As of now, SHIB is trading at around $0.00000903, which marks a 10.13% loss over the past week and a 1.06% drop in the last 24 hours.
The decrease in exchange supply often indicates reduced selling pressure, yet SHIB has not responded with a price rebound.
Technical Indicators Point to Bearish Sentiment
Shiba Inu has remained in a downtrend since early October. It is currently trading near $0.000008758 and below the 20-period simple moving average (SMA). The SMA is sloping downward and has rejected multiple recovery attempts in recent weeks.
Price action is near the lower side of a short-term range, with key support identified in the $0.000009 to $0.00001 zone. A close below this range may suggest further downside movement. The Relative Strength Index (RSI) is at 36, which shows weak momentum but not an oversold condition. Meanwhile, the MACD lines are near the zero mark, signaling mild bearish pressure.
Unless SHIB reclaims the 20-SMA, the trend is likely to remain weak. Market participants are watching closely for either a consolidation or another downward leg.
SHIB Exchange Reserves Decline Over November
On-chain data shows that 125 billion SHIB tokens left exchanges on November 15, dropping reserves from 81.815 trillion to 81.693 trillion. This change occurred during a day of price decline, which is uncommon when such a volume exists on exchange platforms.
Although reserves saw a slight recovery to 81.77 trillion the following day, the broader trend remains downward. Since November 1, around 260 billion SHIB have been removed from exchanges. At the start of the month, reserves were 82.03 trillion.
The decrease in available tokens on exchanges suggests fewer tokens are available for immediate sale, but this has not translated into price support so far.
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.
