Shiba Inu’s short-term spot fund flows surged by about 200 percent, but an analysis said the actual market impact was limited.

Blockchain media outlet U.Today reported on Oct. 18 that Shiba Inu’s spot net inflows over the past hour totalled about $35,000 as of that day. The increase topped 200 percent, but it was seen as too small to change the price trend of an asset with a market value of about $2.93 billion.

Spot trading itself was also sluggish. Spot trading volume over 24 hours came to $6.37 million, while futures trading volume was $21.99 million. Open interest was $52.56 million, and liquidations over the same period were modest at $92,820. Liquidations occurred mainly in long positions.

The price has also stayed weak. Shiba Inu traded at about $0.00000499 on the day, down about 1.4 percent on the day and about 8 percent over the week. After pulling back from a September high of $0.00000627, it has remained below the 50-day, 100-day and 200-day moving averages. This zone, between $0.00000527 and $0.00000561, is acting as an upper resistance level.

Upward momentum is also not clear. The relative strength index (RSI) is around 37. It has not entered oversold territory but indicates weak buying. Trading volume has also fallen from the period in August and September when it surged.

In the near term, holding support is key. Shiba Inu rebounded this week around $0.00000483 and around mid-September near $0.00000474. If the daily close drops below this range, it could slide to $0.00000440, where buying interest flowed in during August.

For a rebound to continue, it first needs to rise above $0.00000527. After that, $0.00000550 is cited as the next resistance. To be seen as a trend reversal, it would need to form a closing price above $0.00000561, where the 200-day moving average is located.

The medium- to long-term trend also remains weak. Shiba Inu is down about 28 percent so far this year and about 49 percent over the past 12 months. Still, it is up about 20 percent over the past 90 days. OKX’s long-short ratio was 2.76, showing some traders still place more weight on gains.

Some in the market say it is difficult to expect a trend reversal for Shiba Inu based on this increase in spot net inflows alone. With spot trading volume failing to rise sufficiently and the price remaining below key moving averages, holding support at $0.00000474 and whether it can regain $0.00000527 are cited as key variables likely to determine the short-term direction for now.