According to latest reports, Shiba Inu has demonstrated significant recovery momentum with a 16% jump in the last 24 hours, bringing the price to $0.0000051. This latest surge follows the cryptocurrency's earlier recovery from a low of around $0.00000410 to a three-month high of $0.00000627, representing a hike of more than 53%, before declining by 19%. The current price action suggests SHIB is showing signs of life after months of decline, with the cryptocurrency now positioned above key technical support levels that had been under pressure during the recent correction phase.
The broader crypto market is regaining momentum with Shiba Inu experiencing its own rally as market sentiments appear to be flipping bullish once again. According to recent data, the asset recorded a 78 billion SHIB netflow, which shows that the total number of SHIB withdrawn from exchanges for holding purposes is substantially higher than the amount of SHIB sold over the last 24 hours. Although this netflow may seem modest, its timing makes it significant as it demonstrates that investors' confidence is gradually growing, driving a rally in the price of SHIB. After weeks of extreme volatility, this negative exchange netflow shows that the intense sell pressure facing the Shiba Inu ecosystem is finally cooling, with bulls now taking over the market and triggering a modest rally.
As reported by AMBCrypto, bears were testing the strength of bulls to keep SHIB above the slanting support for the fourth time. The bulls seemed to be defending the $0.0000050 level, evident from the long tail formed on the 15th October daily candle. If $0.0000050 holds, there is a chance it will bounce back above $0.0000060. The current market recovery trend suggests these technical levels may find stronger support as investor sentiment improves across digital assets. With the latest 16% daily gain and positive netflow indicators, SHIB appears to be breaking out of its recent consolidation phase and testing higher resistance levels, potentially breaking the negative Uptober curse if bullish momentum persists.
According to AMBCrypto, the hourly burn rate surged by 100% with 61.45 million SHIB permanently removed in circulation in just one transaction. However, the rate had reduced by 59% when viewed on a weekly scale, with 160.5 million tokens burned over the past seven days. Despite this routine supply crunch, SHIB's price action has not been reflecting it, as the Exchange Withdrawing Transactions metric declined from 522 to 100, indicating no capital inflows into SHIB. The current market recovery may provide better conditions for these supply reduction efforts to translate into price appreciation, with the positive netflow indicating growing demand that could support sustained price recovery.
