SHIB stalls at $0.00000620 resistance as on-chain selling rises
SHIB is stalling near key resistance at $0.00000620. After topping around $0.00000623, the price pulled back to roughly $0.00000591, down 4.10% over 24 hours (weekly +2.40%). Traders are watching a 4-hour cup-and-handle setup, but the breakout is not confirmed.
Technicals remain mixed. SHIB failed to close above the downtrend resistance near $0.00000620. RSI sits near the midpoint (49–51), suggesting no clear momentum edge for bulls. The Awesome Oscillator is still negative, implying the recent bounce lacks structural support. A decisive close above $0.00000620 would be needed to validate the pattern; otherwise, it remains a possible setup rather than a signal.
On-chain signals skew bearish. Exchange inflows exceed 90 billion SHIB tokens this week, indicating holders are moving supply onto exchanges (potentially for selling). On-Balance Volume (OBV) is declining during the recovery, suggesting buyers are not overpowering sellers with meaningful volume.
Overall, the divergence between a developing chart pattern and weakening on-chain conviction makes SHIB’s near-term direction uncertain as March ends.
Bearish
The article frames SHIB’s setup as incomplete: the cup-and-handle pattern on the 4-hour chart has formed, but SHIB failed to close above $0.00000620 (the downtrend resistance line). Momentum confirmation is weak (RSI hovering around 49–51 and the Awesome Oscillator still negative).
More importantly for trading, on-chain data points to potential supply pressure. Exchange inflows topping 90B SHIB tokens suggest holders are moving coins to exchanges, while declining OBV during the bounce indicates that buyers are not providing enough volume to absorb selling.
Historically, this kind of divergence—price attempting a breakout while OBV falls and exchange inflows rise—often leads to failed breakouts or range-bound action before any sustainable trend emerges. Short-term traders may see more hesitation around $0.00000620 and prefer fades or tight risk controls until a confirmed close occurs. Longer-term upside would require improved on-chain conviction (lower exchange inflows and rising OBV) alongside a clean technical breakout.