Shiba Inu has come back into focus after on-chain data from Arkham Intelligence showed a whale sending roughly 370 billion SHIB to centralized exchanges over the past 24 hours. The transfers were routed to deposit addresses linked to Binance and Bitget, adding fresh concern over possible near-term sell pressure.
Large exchange inflows are often read as a warning sign because tokens moved from self-custody to trading venues can become available for sale quickly. There is still no confirmation that the holder has liquidated or plans to do so. Even so, the transfers landed while SHIB remains in a broader downtrend, which has kept bearish positioning in focus.
Support at $0.00000580 to $0.00000590 is now under close watch
On the daily chart, SHIB is trading near $0.00000601 after an extended decline from January levels near $0.00000900. Price recently bounced from the $0.00000580-$0.00000590 zone, an area that has acted as short-term support.
If that floor breaks decisively, the next psychological support sits around $0.00000550, followed by deeper support near $0.00000500. On the upside, the first resistance stands near $0.00000640, where recent daily highs were rejected. Above that, a stronger barrier appears around $0.00000700, the same level that capped the mid-February rebound. SHIB would need to reclaim and hold above $0.00000700 to change the short-term structure in a more constructive way.
Momentum signals show stabilization, not a reversal
Technical indicators remain cautious. The Awesome Oscillator is still slightly negative, though the red histogram bars are shrinking, which suggests bearish momentum is easing but has not fully turned. The Money Flow Index, using the 14-period setting, sits near 44, below the neutral 50 level, pointing to modest capital outflows and limited buying strength.
That combination fits a consolidation phase more than an immediate breakdown. It also does not confirm a bullish shift. If the 370 billion SHIB sent to exchanges turns into aggressive selling, pressure on the $0.00000580 support area could build quickly. If support continues to hold and those inflows do not become sustained sell volume, SHIB may remain range-bound between $0.00000580 and $0.00000640 in the near term.