The post Shiba Inu (SHIB): 408,000,000,000 in 24 Hours Gone appeared on BitcoinEthereumNews.com. SHIB’s protocols wind down SHIB’s price analysis For Shiba Inu, the last 24 hours have been chaotic, with over 408 billion SHIB tokens abruptly and unexpectedly draining liquidity from centralized exchanges. Because it happened during a widespread market crash, when the majority of investors were selling rather than withdrawing their holdings, this event is especially noteworthy. SHIB’s protocols wind down Exchange inflows tend to increase during market-wide sell-offs as traders scramble to get rid of their positions. This time, though, SHIB witnessed the opposite: an atypical spike in withdrawals from significant exchanges. As a result, there may be a shift away from panic selling and toward accumulation, as more holders move their assets to cold storage or DeFi protocols (considering the market conjuncture, the last one is more likely). SHIB/USDT Chart by TradingView Technically speaking, SHIB’s price action presents a conflicting image. The token hit a local low close to $0.0000075 before crashing violently below the $0.0000100 support, and then rising back toward $0.0000109. The volume recovery suggests potential stabilization, but the daily chart clearly breaks out of a descending wedge pattern. The 200-day moving average, which SHIB has used historically as a psychological support zone, is currently being tested for lower bounds.  SHIB’s price analysis The subsequent resistance is located between $0.0000126 and $0.0000134, which is the convergence area of the token’s 50-day and 100-day moving averages, if it is able to maintain above this level and draw consistent buying pressure. Nonetheless, market sentiment is still brittle, in spite of the partial recovery. The Relative Strength Index (RSI), which is slightly above 41, indicates that bulls have little conviction and little momentum. The spike in exchange outflows may be a sign of confidence, in contrast to the general panic, as whales or long-term holders are using the crash to… The post Shiba Inu (SHIB): 408,000,000,000 in 24 Hours Gone appeared on BitcoinEthereumNews.com. SHIB’s protocols wind down SHIB’s price analysis For Shiba Inu, the last 24 hours have been chaotic, with over 408 billion SHIB tokens abruptly and unexpectedly draining liquidity from centralized exchanges. Because it happened during a widespread market crash, when the majority of investors were selling rather than withdrawing their holdings, this event is especially noteworthy. SHIB’s protocols wind down Exchange inflows tend to increase during market-wide sell-offs as traders scramble to get rid of their positions. This time, though, SHIB witnessed the opposite: an atypical spike in withdrawals from significant exchanges. As a result, there may be a shift away from panic selling and toward accumulation, as more holders move their assets to cold storage or DeFi protocols (considering the market conjuncture, the last one is more likely). SHIB/USDT Chart by TradingView Technically speaking, SHIB’s price action presents a conflicting image. The token hit a local low close to $0.0000075 before crashing violently below the $0.0000100 support, and then rising back toward $0.0000109. The volume recovery suggests potential stabilization, but the daily chart clearly breaks out of a descending wedge pattern. The 200-day moving average, which SHIB has used historically as a psychological support zone, is currently being tested for lower bounds.  SHIB’s price analysis The subsequent resistance is located between $0.0000126 and $0.0000134, which is the convergence area of the token’s 50-day and 100-day moving averages, if it is able to maintain above this level and draw consistent buying pressure. Nonetheless, market sentiment is still brittle, in spite of the partial recovery. The Relative Strength Index (RSI), which is slightly above 41, indicates that bulls have little conviction and little momentum. The spike in exchange outflows may be a sign of confidence, in contrast to the general panic, as whales or long-term holders are using the crash to…