Shiba Inu (SHIB) faces technical resistance amid weak spot trading

Shiba Inu (SHIB) is experiencing technical weakness, trading below its 50-day, 100-day, and 200-day moving averages. While spot flows recently surged by 215%, the actual net inflow was approximately $35,000, a relatively small amount for an asset with a market value near $2.93 billion.

Market activity shows a preference for derivatives, with futures volume reaching $21.99 million compared to just $6.37 million in spot volume. The token has seen recent daily declines of over 3%, with weekly losses approaching 8%.

Technical analysts have identified key resistance levels between $0.00000511 and $0.00000561. On the downside, support is estimated near $0.00000480, with a decisive break below that level potentially exposing further declines toward $0.00000429.