Shiba Inu is back in focus after on-chain data showed a large holder moving hundreds of billions of tokens to a centralized exchange, raising fresh concerns about potential sell pressure. Summary On-chain data from Arkham shows a whale transferred roughly 370 billion SHIB to Binance and Bitget deposit addresses, raising concerns about potential sell pressure. SHIB is trading near $0.00000601, holding short-term support at $0.00000580–$0.00000590, with resistance at $0.00000640 and $0.00000700. Indicators remain cautious: the Awesome Oscillator is still negative but weakening, while the MFI around 44 signals limited buying momentum. According to data from Arkham Intelligence, a whale address deposited roughly 370 billion SHIB to exchange wallets in a series of transactions over the past 24 hours. The transfers, routed to both Binance and Bitget deposit addresses, totaled several million dollars in value. Large exchange inflows are often interpreted as a sign that a holder may be preparing to sell, as tokens moved off self-custody and onto trading platforms increase immediate circulating supply. While it is not yet confirmed whether the whale intends to liquidate, the timing comes as SHIB continues to trade in a broader downtrend, adding weight to bearish sentiment. Shiba Inu price action and key levels On the daily chart, SHIB is currently trading near $0.00000601, consolidating after a prolonged slide from January highs near the $0.00000900 region. SHIB price analysis | Source: Crypto.News Price recently bounced from the $0.00000580–$0.00000590 support zone, which has acted as a short-term floor. A decisive breakdown below this region could expose the next psychological support around $0.00000550, followed by deeper support near $0.00000500. On the upside, immediate resistance sits near $0.00000640, where recent daily highs were rejected. Above that, stronger resistance is clustered around $0.00000700, a level that capped the mid-February rebound. Bulls would need a sustained move above $0.00000700 to shift short-term structure back in their favor. Momentum indicators show tentative stabilization but no strong bullish reversal yet. The Awesome Oscillator (AO) remains slightly negative, though red histogram bars are shrinking, suggesting bearish momentum is weakening but not fully reversed. The Money Flow Index (MFI 14) sits around 44, below the neutral 50 mark, indicating modest capital outflows and a lack of strong buying pressure. Together, the indicators point to consolidation rather than immediate breakdown but they also fail to confirm a bullish shift. If the 370B SHIB deposit translates into aggressive selling, pressure on the $0.00000580 support zone could intensify. A breakdown would likely accelerate downside momentum. However, if support holds and exchange inflows do not materialize into sustained sell volume, SHIB could remain range-bound between $0.00000580 and $0.00000640 in the near term. For now, whale activity adds uncertainty but the chart suggests bears still hold the broader structural advantage unless key resistance levels are reclaimed.
