Shiba Inu (SHIB) price is currently trading around $0.00000819 and remains under pressure as the price continues to move within the downtrend channel that began in early October. Short-term price increases are often rejected at the resistance of this channel, indicating continued selling pressure. On the daily chart, SHIB is trading below all major Exponential Moving Averages, including the 20, 50, 100, and 200-day EMAs. Such stacked EMA structures clearly indicate a bearish situation and limit the potential for further upside. The 200-day EMA is near $0.0000114, which is far from the current price, indicating that the price needs a strong recovery to change its long-term direction. The key support area between $0.0000078 and $0.0000076, which coincides with the lower line of the downtrend channel, is being closely watched by investors. In the short term, price action suggests that the bullish momentum is weakening. The RSI is hovering around the 30+ level, indicating low demand, while the MACD remains negative and has not shown any bullish crossovers. Money flow data shows net outflows of around $600,000, indicating market caution. However, on-chain data shows some contradictions. According to Nansen, the amount of SHIB held by exchanges has fallen by 21% in the past 30 days, from around 366 trillion to nearly 288 trillion tokens, indicating that holders are transferring to their own wallets. Meanwhile, whale wallets have added over 96 billion SHIB since the lows in December. The total number of SHIB holders has also increased from around 1.46 million to over 1.54 million wallets in a year, indicating long-term interest, even though the price remains under pressure.