The price of Shiba Inu (SHIB) is showing its first technical bullish signal since February 2026, even as key on-chain metrics present a contradictory picture. As of April 20, SHIB trades at $0.0000593, up 0.34%, and is pressing against the middle Bollinger Band at $0.0000598. The most notable technical development is a bullish crossover on the daily Moving Average Convergence Divergence (MACD) indicator, the first such signal in over two months. This occurs within a larger descending channel that has dominated price action since the April 2025 peak.
However, the token's burn mechanism, a core part of its deflationary economics, is showing significant volatility. The 24-hour burn rate plummeted by 32.21%, after spiking to a peak of approximately 780,000 SHIB burned per hour around 12:00 on April 19. This activity faded to near zero overnight. The weekly burn chart peaked at 26 million SHIB on April 17, with the following days (April 18-20) recording some of the lowest burn readings of the week.
On-chain data adds further complexity to the narrative. A surface-level analysis shows that nine out of ten tracked on-chain indicators for SHIB are flashing green, suggesting a broad recovery. Key positive metrics include a rise in active sending addresses, indicating increased network participation, and an increase in exchange outflows, which is often interpreted as accumulation behavior as holders move assets off trading platforms.
Yet, there is a critical catch. Concurrently, exchange inflows—both the total and the 7-day moving average—are also rising significantly. Increased inflows typically signal that more tokens are being deposited to exchanges, which often precedes selling pressure. This creates an ambiguous netflow picture; while recent data remains slightly negative (outflows exceeding inflows), the gap is closing as inflows catch up. Analysts note that until inflows subside and outflows become the dominant force, the current configuration represents an unstable equilibrium rather than a confirmed trend reversal.
Technically, SHIB continues to trade below key moving averages and near local lows, with price action compressed beneath resistance levels. The combination of a bullish MACD signal with fading burns and conflicting on-chain activity leaves the short-term outlook for SHIB in a state of cautious consolidation.
