Shiba Inu (SHIB) Targets 57% Rally Amid Overhead Selling Pressure

Shiba Inu’s (SHIB) price action remains undecided, locked in a narrow range near $0.000014 with daily movement capped under 1%. While bulls and bears continue to tussle for short-term control, SHIB still holds on to a 24% monthly gain, hinting that momentum hasn’t entirely faded.

But with price stuck just below key resistance, and broader signals turning cautiously optimistic, the next move may depend on whether bulls can outlast overhead sell pressure.

Exchange Inflows Drop 97%, Reducing Sell Pressure

One of the most telling signs of calmer markets is the dramatic fall in exchange inflows. On July 13, Shiba Inu (SHIB) exchange inflows peaked at approximately 2.65 trillion tokens. Fast forward to July 28, and those flows are down to just 70.43 billion; a staggering 97.3% plunge.

Shiba Inu (SHIB) price and exchange inflows: CryptoQuant

This kind of cooldown typically reflects reduced short-term sell intent from large holders. Fewer tokens moving to centralized exchanges implies less immediate pressure to offload; a healthy sign as SHIB approaches technical resistance.

Wait, but if the sell pressure is reducing, why did we cite it as a concern? Well, read on!

Out-of-the-Money Holders and Resistance Clusters

Despite the drop in direct and immediate sell pressure, the road ahead isn’t frictionless. Data from IntoTheBlock shows that only 18.25% of SHIB holders are in the money, while over 78% are sitting at a loss.

The biggest cluster of addresses, representing those holding SHIB between $0.000015 and $0.000019, forms a dense “out of the money” zone.

In/Out of Money clusters: IntoTheBlock

This is where things get tricky. These clusters often act as overhead sell zones (resistance levels), as holders look to exit at breakeven or reduced loss levels.

With such a large chunk of supply trapped in this range, any rally faces resistance from potential profit-taking, explaining why the SHIB price has been struggling to break past $0.000015, the starting point of this cluster. Once the SHIB price enters this cluster, it is important to keep an eye on the exchange inflows, to see if they are rising or staying muted like now.

Shiba Inu (SHIB) Price Action: 57% Rally Possible, But Confirmation Needed

SHIB has so far respected its support zone of $0.000012 and is showing signs of resilience. However, until bulls manage to flip the $0.000019 level into support, any rally talk remains speculative.

At present, SHIB is trading at $0.000014, which also aligns with the immediate resistance level. This level has rejected the Shiba Inu price multiple times over the past few trading sessions. As the “In/Out of the Money” cluster is relatively dense, SHIB might encounter multiple resistances at $0.000015, $0.000016, and even higher.

Shiba Inu (SHIB) price analysis: TradingView

If the $0.000018-$0.000019 level breaks (key confirmation), the price opens up for a move toward $0.000022, a 57% jump from current levels. But with heavy supply sitting just overhead, the climb is more likely to come in phases than in one straight shot.

However, if the crucial support of $0.00012 breaks, the entire price structure might turn bearish in the short term.

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