The major technical battle is occurring around the long-term moving average near $0.00000560–$0.00000570. $SHIB recently pushed decisively above this level during its run toward approximately $0.00000620, but it has since returned to test the breakout area.
Breakdown isn't convincing
The shorter moving averages are also beginning to point upward, while the price remains comfortably above the cluster around $0.00000520–$0.00000540. This creates multiple layers of support underneath the current price. The RSI sits in neutral-to-moderately bullish territory rather than showing an overheated market, giving $SHIB room for another upside attempt.
Exchange inflows nevertheless introduce additional risk. If the 277 billion $SHIB represents holders preparing to sell rather than internal transfers, liquidity management, or derivatives-related activity, the market may face additional supply. The bearish interpretation would become considerably stronger if the inflow coincides with $SHIB losing its current technical support.
September recovery is at risk
For now, $0.00000560 is the level to watch. A sustained breakdown could expose $0.00000540 and subsequently the $0.00000520 area. Such a move would undermine the September recovery structure.
Conversely, holding above the long-term moving average keeps the bullish scenario intact. $SHIB would then need to reclaim $0.00000590–$0.00000600, followed by the recent high around $0.00000620.
The 277 billion $SHIB inflow deserves attention, but exchange deposits represent potential selling pressure, not confirmed selling. Until price confirms that pressure through a support breakdown, calling the development outright bearish is premature.
u.today
