Shiba Inu is sitting at a crossroads. The token touched $0.00000623 before pulling back sharply, and it now trades just below $0.0000060. A weekly gain of 2.40% sounds encouraging on the surface.
At the time of writing, Shiba Inu is trading at around $0.00000591, down 4.10% in the last 24 hours.
The move up has not been clean. Momentum indicators lag. On-chain metrics raise questions about conviction. Traders are watching closely as March draws to a close and broader meme coin sentiment remains flat.
Cup and Handle Pattern Builds, But Confirmation Remains Elusive
Since mid-February, a cup and handle formation has been developing on the 4-hour chart. Price peaked above $0.000007, carved a rounded bottom near $0.00000460 in early March, then climbed back toward the rim. The downtrend resistance line sits at $0.00000620. SHIB tested that level and failed to close above it.
That matters. A cup and handle only carries technical weight upon a confirmed breakout. Without it, the pattern is incomplete. Price is in the handle phase, coiling beneath resistance, not clearing it.
The RSI sits between 49 and 51. That is the midpoint. Neither bulls nor bears control momentum. The Awesome Oscillator remains in negative territory. The recent price bounce has not shifted that reading. When price rises and momentum indicators stay flat or negative, the rally lacks structural support.
SHIB needs a decisive close above $0.00000620 to validate the pattern. Until that happens, the formation is a setup, not a signal.
On-Chain Data Shows Selling Pressure and Weakening Conviction
Exchange inflows exceeded 90 billion tokens this week. That volume is significant. When large quantities of tokens move onto exchanges, it indicates holders are positioning to sell. It does not guarantee selling occurs immediately. It does confirm that supply pressure is building in the background.
On-Balance Volume is declining. OBV measures cumulative buying and selling pressure over time. A downward trend during a price recovery suggests that the buyers driving the move are not outweighing sellers with meaningful volume. The bounce looks thin.
Source: https://coinpaper.com/15732/shiba-inu-price-prediction-shib-stalls-at-key-resistance-as-technical-and-on-chain-signals-diverge
