+160B SHIB wey enter exchanges dey signal sell pressure, important resistance ahead
SHIB wey dey enter exchanges jump pass +160B SHIB for 24 hours, pattern wey report link to possible sell pressure because tokens dey move go exchanges. Earlier update bin flag similar distribution risk and still talk say exchange reserves remain very high, fit cap any upside move.
On-chain/flow context still weak. SHIB still dey for bigger downtrend with lower highs, and the short-term rising trendline no get volume confirmation. The rising exchange reserves too show say more supply fit make rallies suffer pressure.
Technically, resistance dey around $0.0000065–$0.0000067, with higher barrier near $0.0000075 around moving-average cluster. Support at $0.0000055–$0.0000057 don test many times and e dey vulnerable.
For traders, the takeaway clear: SHIB inflows to exchanges fit keep price capped near resistance or trigger renewed downside/ consolidation unless SHIB absorb the incoming supply and reclaim the key levels.
Bearish
Both articles dey point to the same driver: SHIB wey dey flow into exchanges jump wella (+160B+ SHIB/24h), and historically dat one align pass with distribution no be accumulation. With exchange reserves high too, di supply wey dey available for market fit increase, making rallies hard to sustain.
For short term, technical structure still bearish. Di rebound no get volume to confirm am, and di broader downtrend (lower highs) still dey. If SHIB no fit reclaim nearby resistance ($0.0000065–$0.0000067, then $0.0000075), traders suppose expect say price go remain capped or go drift lower toward di $0.0000055–$0.0000057 zone.
For longer term, proper turn go need sustained exchange outflows (supply wey dey move off exchanges), plus clean breakout above di moving-average cluster resistance. Till then, di market setup dey favor continuation of selling/distribution behavior pass accumulation.