Shiba Inu faces resistance as exchange reserves hit 88 trillion SHIB

Shiba Inu (SHIB) is facing market resistance and bearish momentum. The token is currently trading near $0.0000057, struggling to break through a key resistance zone identified between $0.000006 and $0.0000061. While a successful breakout could lead toward $0.0000072, the asset remains vulnerable to downside support levels at $0.0000055-$0.0000056.

On-chain data indicates a rise in exchange supply, with the SHIB exchange reserve reclaiming the 88 trillion token threshold. This represents a four-month high and is viewed by analysts as a bearish signal, suggesting increased selling pressure or a fade in demand.

Despite a dramatic 17,000% spike in the SHIB burn rate on October 3, the price has not seen an immediate breakout. Historically, these spikes in token removal from circulation have not always resulted in immediate price appreciation, highlighting the volatility and complexity of the token's market drivers.