The Shiba Inu price rose approximately 9% on September 21, breaking above a key resistance level that had restricted its recovery for months. SHIB reached $0.00000608 before easing to around $0.00000596. The move took the token above its 200-day average near $0.00000562, a level that previously acted as a ceiling. However, exchange flow data from Santiment showed a net inflow of roughly 23.48 billion SHIB tokens, signaling some holders may prepare to take profits.
The Shiba Inu price climbed nearly 9% today, September 21, breaking above a level that had capped its recovery for several months. SHIB reached the $0.00000608 price level before it eased to around $0.00000596.
The breakout gives buyers some encouragement, although its exchange activity suggests the rally still faces a test. SHIB started trading at around the $0.00000550 level before moving by 8.56%, according to the daily chart.
Trading activity also increased as the price moved towards the $0.00000600 level. More importantly, SHIB moved above its 200-day average at about $0.00000562, and this level had previously acted as a ceiling.
Moving above it suggests that market conditions are improving. But for the move to be confirmed, SHIB must remain above that level after the initial excitement it saw stops.
The next resistance sits around the $0.00000608 level, which is the day’s high. If it moves beyond that level successfully, it could bring the August peak near $0.00000620 back into view.
But if buyers lose control, the level around $0.00000562 could become the first area of support. The $0.00000545 to $0.00000550 level will then be the next level to watch.
Its exchange activity gives a slightly more cautious picture. Santiment data showed that about 111.23 billion SHIB entered exchanges, while around 87.75 billion left them.
This means there was a net inflow of around 23.48 billion tokens. The latest inflow was not a lot compared with spikes seen on the chart.
What is seen does not point to a lot of selling pressure. It suggests that some holders may be getting ready to take profits following the positive trend SHIB has seen.
This means the breakout remains intact, but the next few trading sessions matter. If it holds above the $0.00000562 price level, it would strengthen the recovery.
On the other hand, if it goes below it, it could turn the recent move into another failed attempt.
