Shiba Inu price outlook: technical notes on supply inflows and resistance

Shiba Inu (SHIB) faces short-term pressure from large exchange inflows. The key support lies at $0.0000060, while the immediate resistance lies near $0.0000066. Long-term forecasts project potential gains up to 400%. SHIB recently traded around $0.0000064 after gaining over 7% in 24 hours. Despite this movement, short-term dynamics suggest caution. A significant portion of SHIB tokens, totalling hundreds of billions, has recently flowed into centralised exchanges. Large inflows often indicate potential selling pressure. This means the market could see a downward push if buyers do not absorb the increased supply. We should monitor this closely. Technical indicators point to weakening momentum. SHIB recently formed a death cross on shorter timeframes, where a faster-moving average crossed below a slower one. This pattern historically signals bearish pressure in the short term. The support near $0.0000060 has become a key pivot point. If this level holds, SHIB may stabilise, but a breach could trigger further declines toward $0.0000057 or lower. Resistance remains at around $0.0000066, a level that must be cleared for buyers to regain control. Beyond price action, on-chain data shows a growing number of tokens being held on exchanges. This indicates that many holders are prepared to sell, adding to market uncertainty. At the same time, the market has shown resilience. Small rallies have occurred even as selling pressure builds, suggesting that some interest remains at lower levels. We need to see if the demand can offset the available supply.