Shiba Inu (SHIB) has been painting a picture that has left investors uncertain lately. While there is no strong increase on the price front, technical indicators and on-chain data do not indicate a completely weak image. While the descending top and bottom structure is maintained on the daily chart, it is noteworthy that the price no longer declines sharply. This situation strengthens the comments that there is a squeeze before a new movement in the market.
Congestion and Uncertainty Dominate the Technical Outlook
On SHIB’s daily chart, the 50- and 100-day exponential moving averages continue their downward trend, creating a strong resistance on the price. The fact that the 200-day average is still quite high shows that the main trend has not changed yet. Therefore, it is premature to talk about a permanent trend reversal, at least in a scenario where the 50-day average is not exceeded.
On the other hand, the fact that the price has moved in a narrower band in recent days is an important signal. The slightly rising structure formed in the lower region is considered as a mixture of falling channel and wedge formation. Such structures can generally result in short-term relief rallies or horizontal movements before a new decline. The fact that the RSI indicator remains stuck in the 40s confirms this indecision. Although sellers are still in the market, the pressure seems to have weakened compared to previous periods.
What Do On-Chain Data and Other Developments Say?
The latest on-chain data highlights a remarkable detail on the SHIB side. Approximately 192 billion SHIB exited the exchanges in a single day, strengthening the possibility of transfer or accumulation to cold wallets rather than sale. The fact that most of the meaningful increases seen in SHIB in the past came after several consecutive days of net stock market outflows makes this data even more important. Moreover, the fact that these outflows occurred when the price was at relatively low levels suggests that buyers were quietly collecting supply rather than “chasing the price”.
On the other hand, a different development regarding the SHIB ecosystem is also being closely monitored. The gradual increase in transaction volume on the Shibarium network and the re-emergence of the token burning mechanism keep medium-term expectations alive. Although these developments did not directly increase the price in the short term, the increase in network usage is considered positive in terms of the long-term fundamental outlook.
On the macro side, the weak volumes in the general crypto market cause many altcoins, including SHIB, to move sideways. Therefore, it should not be forgotten that a possible recovery will depend not only on SHIB but also on the market-wide risk appetite.
As a result, according to analysts, the picture for SHIB is clear: There is no bull signal yet, but the panic selling mood has dissipated. If the volume increases and the price settles above the 50-day average, a short-term relief rally may occur. Otherwise, a horizontal and patience-testing process may be observed in the market for a while.
On the Dogecoin (DOGE) front, community-oriented developments have come to the fore in recent days. While increased interaction on social media and rumors about payment integrations have kept DOGE on the agenda, the price has fluctuated in a limited range in the last 24 hours. Although DOGE attempted a small rise in this process, it could not make a strong breakout before the general market direction became clear.
