Shiba Inu (SHIB) exhibited conflicting market signals as a short-term technical bullish pattern emerged against a backdrop of weak trading volume, rising exchange inflows, and cautious derivatives activity. The meme coin recorded a 'golden cross' on its hourly chart, where the 50-hour moving average crossed above the 200-hour moving average, typically signaling short-term strength. Following this, SHIB's price rose approximately 1.43% to trade near $0.000006.
However, this technical improvement was met with limited conviction from market participants. Data from CoinGlass revealed a sharp surge in SHIB inflows to exchanges within an eight-hour window, with inflows significantly exceeding outflows. This pattern often indicates increased profit-taking activity, which adds selling pressure and can weigh on short-term momentum. Daily trading volume grew only about 1.53% to roughly $109 million, reflecting subdued interest.
Derivatives metrics further underscored the market's hesitation. While open interest for SHIB futures increased nearly 3% to about $53 million, funding rates remained flat. This suggests traders have not aggressively shifted toward long positions despite the technical crossover. In a separate 24-hour period, SHIB futures netflow plummeted by 865%, with outflows of $6.58 million exceeding inflows of $6.21 million, pointing to reduced trader engagement and lower net exposure.
On-chain data provided a contrasting positive note, as the number of SHIB wallet holders reached a record 1.56 million, according to Etherscan, indicating steady accumulation. SHIB's price has been confined to a narrow range between $0.00000562 and $0.00000644 since March 11, 2026, with the daily 50 moving average around $0.000006 acting as a key resistance level. Analysts note that for a sustained move higher, stronger demand is needed to overcome the current balance of rising supply and cautious trader positioning.
