$SHELL ANALYSIS: WHY IT'S BLEEDING AND WHAT TO EXPECT NEXT 📉
Many are wondering why $SHELL is dumping while $BTC & $ETH are recovering. The answer lies in both Technicals and On-chain data.
1️⃣ THE UNLOCK EVENT (Dec 13):
A significant token unlock occurred on Dec 13. This created massive selling pressure from early investors/team taking profits. The market is still absorbing this new supply, which explains the constant downtrend.
2️⃣ WEAK PRICE ACTION:
The chart shows a clear breakdown below key support levels. Every minor bounce has been aggressively sold off, indicating a lack of buying interest for now.
🔮 MY PREDICTION FOR DECEMBER 17:
Given the current sensitive end-of-year market and the post-unlock sell-off, I expect $SHELL to continue its consolidation/bleed.
• Best Case: Sideways chop between 0.045 - 0.050.
• Worst Case: A further drop to test the 0.040 support zone if BTC shows weakness.
#MyShell #Onchain #TechnicalAnalysis
