Shiba Inu is facing short-term pressure. The popular meme coin is down 2.18% at the time of writing, pulling back after an earlier 4.7% surge that pushed its price to $0.00000604. Volume surged 43.8% alongside the initial move, confirming broad market participation. However, the retreat signals that selling pressure has returned.
The broader market provided early tailwinds. Bitcoin pushed toward the $70,000 mark, lifting altcoins in its wake. SHIB responded sharply to the improved risk appetite. That momentum, for now, appears to have stalled.
Golden Cross Forms, But Risks Remain
A golden cross has formed on SHIB’s hourly chart. This pattern occurs when a short-term moving average crosses above a longer-term one, typically the 23-day and 50-day moving averages. Traders widely regard it as a bullish signal and often use it as an entry trigger.
The crossover formed during an active price surge, suggesting real buying pressure behind the move. However, the current 2.18% decline raises immediate questions about its reliability. Hourly golden crosses carry a higher risk of false signals compared to those on daily or weekly charts.
SHIB has been here before. A golden cross formed recently, only for a swift death cross to follow and erase the bullish setup entirely. That risk is present again. Until SHIB stabilizes and reclaims lost ground, the golden cross alone is not a confirmation of further upside.
Exchange Outflows Suggest Underlying Demand
On-chain data offers a more encouraging picture. Over 30 billion SHIB tokens were withdrawn from exchanges within a single 24-hour period. Large outflows typically indicate accumulation. Holders moving tokens off exchanges are unlikely to sell in the near term.
Active receiving addresses also rose modestly during this period. More wallets are receiving SHIB points due to growing demand. When outflows and new address activity increase together, it often reflects genuine positioning rather than speculation.
Despite the price pullback, these on-chain signals suggest the underlying demand structure remains intact. Long-term holders appear to be using current price weakness as an opportunity to accumulate rather than exit.
Source: https://coinpaper.com/15856/shiba-inu-price-pulls-back-after-over-4-surge-can-bulls-hold-key-support
