On March 20, Shiba Inu experienced large holder outflows reaching 5.54 trillion SHIB, the highest amount seen in more than a month. Significant market participants may have been strategically repositioning themselves when this extraordinary activity occurred, and SHIB was trading at about $0.000013. After a protracted decline that started in early February, SHIB is making an effort to stabilize from a technical perspective.
With a modest recovery from a local support range near $0.0000122, the asset is currently trading around $0.0000131, up about 1.62% on the day. The 50-day and 100-day moving averages continue to slope lower, pressuring price action and indicating a persistent bearish bias.
SHIB/USDT Chart by TradingView
However, a short-term reversal might be triggered by a break above the descending trendline and the recovery of the $0.0000142 level. While RSI metrics are just below neutral, indicating weak bullish conviction, volume is still low, allowing for possible upward movement should momentum improve.
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A change worth keeping an eye on is revealed by on-chain dynamics. The recent seven-day change indicates a sharp +49.55% increase, primarily due to the March 20 spike, even though 30-day outflows decreased by 68.33%. This sudden withdrawal raises the possibility of accumulation by sizable wallets or deliberate reallocation to cold storage, both of which usually come before bullish sentiment.
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The fact that the outflow did not immediately result in a price spike suggests that the tokens may not have been sold on exchanges. Rather, as SHIB consolidates close to multi-month lows, it presents the prospect of a long-term positioning change by whales, which would be consistent with broader market caution.
Although the price structure is still brittle, whale activity and the strong support at $0.0000122 suggest that SHIB may be getting close to a crucial pivot zone. Any volume-confirmed break above the resistance could start a brief relief rally toward the 100-day MA zone, which is located around $0.0000160. Traders should stay vigilant until then, as the next leg of SHIB's market trajectory will probably be determined by additional significant wallet movements and price reactions.
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