Shiba Inu is showing slight weakness as selling pressure continues following a breakdown below a key short-term support level. The token is struggling to regain bullish momentum, with recent price action suggesting a near-term shift in control toward sellers.
At the moment, Shiba Inu is trading near $0.00000577, reflecting a 0.48% decrease over the last 24 hours. However, despite this small dip, trading activity remains constant, with an active 24-hour volume of $89.85 million and a market cap of $3.41 billion. Market dominance stands at 0.14%.
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Recent chart movement by SHIB Crowd highlights that SHIB has broken below $0.00000600 to form resistance. According to market observations by SHIB Crowd, the current price trades near $0.00000585, having broken down from this level. This shift suggests that buyers are still active at lower ranges, but upside momentum has not yet been confirmed.
Technical support is currently found in the $0.00000564-$0.00000550 range, as a reaction to the price in this area may prevent further decline. On the other hand, the next target for recovery is $0.00000650, above which there is further resistance near $0.00000720. Unless price manages to break above the immediate resistance level, there is no chance of it continuing higher.
The RSI remains neutral with a reading between 47 and 52, which shows that the market is balanced in terms of buying and selling pressure. MACD, on the other hand, is also moving towards zero, implying that the momentum is starting to normalize. Additionally, volume activity is also slowing down, suggesting that the market is going through a consolidation phase.
Derivatives trading activity in the Shiba Inu market shows that there is no change in momentum since there is still some open interest worth $59.67 million. Over the last 24 hours, the total futures trading volume was $82 million compared to $11.79 million spot volume, showing that traders remain focused on derivatives. Moreover, around $80K in liquidations suggests that there is limited forced closure.
On the sentiment side, the OI weighted funding rate currently stands at 0.0114%, implying a slight negative bias because short traders pay the longs. This reflects cautious sentiment, as traders are leaning slightly negative but not strongly bearish.
Overall, the market appears balanced, with no clear dominance from either bulls or bears, and leverage gradually stabilizing.
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