Shiba Inu Price Outlook: Observing Technical Levels and Exchange Flows

Shiba Inu (SHIB) is currently experiencing short-term pressure from large inflows into exchanges. We observe key support at $0.0000060, with immediate resistance resting near $0.0000066. The price has moved upward, trading around $0.0000064 after a 7% gain in 24 hours. However, I advise caution despite this movement. A significant volume of SHIB tokens, amounting to hundreds of billions, recently moved into centralised exchanges. Historically, such large inflows indicate potential selling pressure. This suggests the market could face a downward push unless buyers absorb the increased supply effectively. Technical indicators also 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 usually signals bearish pressure in the short term. We should watch for confirmation of this trend. The support near $0.0000060 serves as a critical pivot point. If this level holds, SHIB may stabilise. However, a breach could trigger further declines toward $0.0000057 or lower. Resistance remains around $0.0000066, which buyers must clear to regain control. Beyond price action, on-chain data shows a growing number of tokens held on exchanges. This indicates many holders are prepared to sell, increasing market uncertainty. At the same time, the market has shown some resilience. Small rallies have occurred as selling pressure builds, suggesting that some participants see value at current levels. Coincex users should monitor these levels closely. The divergence between short-term exchange flows and long-term price projections creates a complex risk profile. I recommend waiting for a clear break of resistance or a confirmed hold of support before taking a position.