- Brutal SHIB performance
- SHIB bottomed out at RSI
Over 102 billion SHIB left exchanges in a single day, which is one of the most significant on-chain signals we have seen during this entire sell-off. That is not a normal flow. This kind of massive negative netflow during a freefall usually indicates that large holders are removing coins from the market, which lessens the immediate pressure to sell.
Brutal SHIB performance
Considering SHIB’s current chart, that is important. For weeks, the price action has been brutal, with all of the major moving averages stacked above the price and pointing down, as well as lower highs and lows. Momentum has been very pessimistic. However, the RSI collapsing into deep oversold territory — one of the lowest readings of the year — was what stopped the bleeding, not the structure. In the past, SHIB only recovered when the RSI reached these extremes, and we have just reached them once more.
SHIB/USDT Chart by TradingViewThe outflow’s timing coincides with that technical weariness almost exactly. The CryptoQuant data demonstrates a clear transition from large inflows, which typically come before sell-offs, to persistent outflows over several days. Coins are no longer being sent to exchanges for disposal, as indicated by the sharp -20 billion to -100 billion SHIB netflow readings. They are heading out. That eliminates the ongoing supply pressure that has been fueling the decline, but it does not by itself start a rally.
SHIB bottomed out at RSI
Whether this is a pause or the end of the crash is the question. Three pieces of evidence currently point to stabilization. RSI bounced after being oversold. SHIB has previously bottomed at these RSI levels on multiple occasions. The most recent bounce is tidy but modest.
Outflows of money are increasing rather than decreasing. Over 102 billion SHIB are leaving exchanges, according to the most recent netflow, and the weekly trend is clearly negative. Unless they are anticipating a rebound, or at the very least price stabilization, holders do not withdraw billions from exchanges.
The $0.0000075-$0.0000080 support cluster is being held by the price. This area has previously served as a pocket of demand. SHIB can create a short-term floor if buyers defend it once more — with less sell pressure.
Source: https://u.today/102000000000-shib-in-24-hours-is-this-the-end-of-shiba-inus-market-crash
