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Shiba Inu News: SHIB Holds $0.00000852 as 19B Outflow Sparks Market Shift
SHIB trades near $0.00000852 after opening at $0.00000847 and moving to a high of $0.00000867, as the token maintains support above the 0.236 Fibonacci level at $0.00000827. The price continues to move inside a 75-day falling wedge, which stretches from the $0.00001301 swing high to the $0.00000700 region.
The structure shows tighter compression between resistance at $0.00000900 and support close to $0.00000720, while market momentum is limited. On-chain data records a 19 billion SHIB net outflow over the past 24 hours, which signals increased token movement away from exchanges. This shift raises an important question for traders: Does the ongoing outflow trend create conditions for a possible rally if demand increases?
Price Action Tracks Wedge Structure
The chart shows a clear rejection from the $0.00001400 supply zone, which formed after several failed attempts to break through the shaded resistance region. The decline accelerated through the 0.382 Fibonacci level at $0.00000918, the 0.5 level at $0.00000991, and the 0.618 level at $0.00001064. Each level reflects a loss of structure as SHIB continued its multi-week decline.
The wedge’s upper boundary now aligns with the $0.00000900 region. This level marks a technical barrier that SHIB must break to shift its trend. The price has remained below the mid-range Fibonacci marks since early October. The last low wick extended to $0.00000681, which remains the lowest point recorded in the current pattern.
The RSI prints 43.19, while the signal line stands at 37.90, and this range reflects limited momentum. RSI traded mostly between 32 and 48 through November. This behavior points to ongoing indecision, although no structural reversal has formed.
On-Chain Outflows Shift Market Conditions
Exchange data records a 19 billion SHIB net outflow, which indicates rising token movement toward private wallets. This activity often aligns with long-term positioning. Traders track outflows because declining exchange reserves can create tighter supply conditions.
The token continues to hold above the 0.236 Fibonacci level, which remains the first major support. Further support stands at $0.00000780, with stronger protection at $0.00000700. A move below $0.00000681 would end the wedge structure and signal deeper losses.
The price action shows limited conviction. Candle formation appears steady, while volumes remain thin. This pattern suggests weaker enthusiasm despite reduced selling pressure. Traders now observe whether exchange reserves continue to fall.
Market Awaits Volume Confirmation
The setup remains intact, yet confirmation requires stronger demand. The key resistance level stands at $0.00000900, which aligns with the wedge ceiling and the nearest Fibonacci layer. A breakout above $0.00000918 would open the path toward $0.00000991, $0.00001064, and $0.00001168. The upper targets remain unchanged.
The market now watches whether volume strengthens. Continued outflows may create a supply squeeze if demand expands at the same time. Until then, SHIB continues to trade within a clean but narrow structure, waiting for a decisive shift in behavior.
Conclusion
SHIB holds key support near $0.00000852 as the falling wedge structure tightens and a 19 billion SHIB outflow alters supply conditions. Traders now watch whether demand strengthens enough to lift the token above resistance. Continued outflows and rising volume could determine the next decisive move.
