2025-7-31 20:12 |
Shiba Inu (SHIB) is showing signs of strain despite a bullish chart pattern typically associated with upward momentum. New on-chain data reveals that selling pressure from whales and fading buyer strength are cancelling out any positive signals from the market structure.
A sudden surge in SHIB reserves on exchanges to 84.9 trillion tokens on July 28 points to increasing liquidation pressure from large holders, even as technical charts suggest a potential breakout.
SHIB’s price has gained 15% over the past month, but movement in the past week has flattened out at just 2%.
That muted performance reflects the broader crypto market’s cooldown but is also shaped by internal dynamics, particularly whale behaviour and weakening investor inflows.
Unless these trends reverse, SHIB’s path to a decisive price surge remains blocked.
Whale activity sends 84.9T SHIB to exchangesThe most significant factor dragging SHIB’s price is the spike in exchange wallet balances. As of July 28, SHIB reserves across exchanges reached a monthly high of 84.9 trillion tokens, signalling that big holders were moving tokens from cold storage back onto trading platforms.
This increase in supply typically foreshadows selling pressure. Although there was a slight pullback in exchange reserves since then, the levels remain elevated enough to raise the risk of further corrections.
Prior net flow data also showed negative large holder activity, with whales sending more tokens into the market than they were pulling out.
This shift in behaviour aligns with a broader lack of accumulation from long-term holders. With tokens being offloaded into circulation, SHIB faces supply-side pressure that limits its chances of rallying sharply in the near term.
MFI and BBP confirm buyer weaknessBeyond whale activity, SHIB’s on-chain indicators suggest that investor conviction is also fading. The Money Flow Index (MFI), which tracks capital flow based on price and volume, has declined from 91 to 69 over the last ten days.
This 22-point drop shows that buyers are stepping back, even as prices dip — a key sign of weakening demand.
The Bull-Bear Power (BBP) indicator further confirms this trend. BBP tracks whether bulls or bears are in control by comparing price action to its moving average.
SHIB’s recent BBP readings reveal increasing seller dominance, with longer red bars confirming bearish momentum has overtaken any short-term bullish impulses.
While the price remains confined within a falling wedge — often interpreted as a bullish setup — these weakening signals from MFI and BBP suggest any breakout will likely require a shift in sentiment and renewed buying interest.
Price range tightens around $0.0000130On the 2-day chart, SHIB continues to trade within a falling wedge pattern, hovering near $0.0000130. The key support level stands at $0.0000128.
If SHIB breaks below this line, it could drop to $0.0000122 and even test the $0.000010 mark, which would invalidate the bullish wedge setup entirely.
Source: CoinMarketCapA move below $0.000010 would suggest a structural breakdown and raise the likelihood of deeper downside risk.
Conversely, a breakout to the upside will require first breaching $0.0000146, then the upper wedge resistance at $0.0000158, which could open the path to a wider rally.
So far, neither buyers nor sellers have managed to establish decisive control, keeping SHIB’s price locked in a narrow range even as the larger crypto market drifts sideways.
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