TLDR
- Shiba Inu’s price stagnates near key support as market shows no significant movement or volatility.
- On-chain data reveals minimal activity, with Netflow and Exchange Reserve showing little change.
- Shiba Inu remains trapped in low liquidity, awaiting a potential breakout or macro catalyst.
- RSI remains flat, indicating no substantial buying or selling pressure in the Shiba Inu market.
- Market participants are inactive, with no major whale movements or investor attention.
The Shiba Inu (SHIB) market has entered a phase of stagnation. Price action and on-chain data show no significant changes. Currently, SHIB is trading around $0.0000109, slightly above key support at $0.0000095.
Shiba Inu Price Action Remains Stagnant
Shiba Inu has shown little movement in its price. The current price of $0.0000109 hovers near a crucial local support level. This level at $0.0000095 has held firm in recent days, signaling potential for a bottom formation.
However, the price remains locked in a narrow range. Neither bulls nor bears have taken charge of the market. This lack of momentum is reflected in the low trading volume and volatility.
The Relative Strength Index (RSI) also supports this trend, remaining flat in the 37-40 range. This indicates no significant buying or selling pressure in the market. As a result, a sharp recovery seems unlikely without a catalyst.
On-Chain Data Shows Market Paralysis
On-chain metrics mirror the lack of movement in the Shiba Inu market. According to CryptoQuant data, Netflow Inflow and Outflow remain almost unchanged. This suggests minimal activity on exchanges.
The Exchange Reserve has increased by only +0.13%, indicating that coins are remaining on exchanges. Additionally, the Netflow is down by -0.34%, further confirming the market’s stagnation. “No substantial buying or selling is occurring,” said a market analyst.
This on-chain data highlights the lack of investor participation. Whale activity, including accumulation and liquidation, is non-existent. Shiba Inu remains trapped in this low-liquidity environment, awaiting a potential breakout.
With Shiba Inu’s current market condition, a clear direction remains uncertain. The token is not attracting significant attention from institutional investors or speculators. Without a surge in volume or inflows, SHIB could continue to move sideways.
The market’s next movement depends on a potential resurgence in volatility. However, until there is a significant shift, Shiba Inu will likely remain stuck in its current state. Traders and investors are waiting for a macro catalyst to drive the next move.
