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$SHELL price is dropping and it appears like a down trend, here is an explanation and technical analysis of the potential price movement.
Initial interest
The journey for SHELL to be listed on binance started with Binance Wallet hosting the exclusive Token Generation Event offer on BNB Smart Chain for MyShell, a decentralized AI consumer layer, with PancakeSwap starting from 13th February 2025 2:00 am UTC and ending on 13th February 2025 1:59 pm UTC.
You can read more about it here👇👇
https://www.binance.com/en/events/myshell-subscription-rules?utm_source=chatgpt.com
On the same date of February 13th, 2025 SHELL/USDT pairs started trading on MEXC, CoinW and Bitget Exchanges, including Binance alpha. This made it possible for people to buy and hold SHELL.
Binance Futures
On February 17, 2025, Binance announced the launch of SHELLUSDT perpetual futures contracts with up to 25x leverage, which began trading at 17:15 UTC on that day.
You can read more about it hear 👇👇
https://crypto.ro/en/news/binance-launches-futures-trading-for-gps-and-shell-today/?utm_source=chatgpt.com
Binance listing
Binance listed SHELL on February 27, 2025. By the time binance listed SHELL, people outside binance had been buying the coin.
The screenshot below is from coinmarketcap the blue lines show that people have been buying the coin 7 days before binance listing and the pink circle is the day binance listed SHELL on February 27th.

So by the time the coin was listed on binance it was already overbought and there were holders who had already 2x when it reached an all time high of $0.7099.

Reason for price drop
This is a classic case of "buy the rumor sell the news". Because SHELL was available outside binance many traders bought the coin in anticipation of the binance listing. Then when the coin was listed on binance and new capital came into the coin the price quickly sky rocketed to $0.7099.
So since many traders who bought early started selling the coin, sellers took control of the price movement and the price has been on a down trend ever since.
Analysis & price prediction
Because the price movement was influenced by speculation and market sentiment it is safe to infer that the current down trend will hold until something changes. From the current trend in the hourly chart the price is going down. Check screenshot 👇

As a trader you should rely on historical data and current market sentiment to inform your decision. Unless something changes it is my opinion that SHELL might fall below $0.45 or $0.4 in the short term.
However, since SHELL appears to be a solid project with utility it could grow steadily to a market cap of $1B or even $2B as adoption of its technology and services grow. This will place the the price at $1 or $2 in the near and/or long term.
Thanks for reading.
Disclaimer: This should not be considered financial advice. Always do your own research #dyor
🔥I post articles on different assets and I try to be as objective and informative as possible.
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