- Bears dominate near-term action, keeping price under $0.000070 and targeting yearly lows.
- Social Dominance and futures Open Interest signal declining interest and bearish sentiment.
- RSI and MACD confirm strong selling momentum, with limited support until $0.0000067.
Shiba Inu continues to face selling pressure as bearish forces dominate the market. SHIB trades below $0.000070, showing weakness in both sentiment and price action. On-chain data and derivatives trends suggest cautious investor behavior. Traders are watching closely as the memecoin approaches yearly lows. Market signals show declining engagement and growing pessimism. While short-term rallies remain possible, the overall tone remains firmly negative.
On-Chain and Derivatives Data Confirm Bearish Bias
Data from Santiment indicates waning social interest in Shiba Inu. The Social Dominance metric measures the share of SHIB discussions across crypto media. Since mid-November, the index has steadily dropped, reaching just 0.032% on Wednesday. Low social engagement often signals fading market enthusiasm, and SHIB currently reflects this trend.
Derivatives activity also points to a bearish market. Futures Open Interest on Bitmex fell to $50,140, marking a new yearly low according to Coinglass. This decline suggests reduced participation and weaker conviction among traders. In addition, the long-to-short ratio for SHIB reads 0.83, the highest over the last month. A ratio below one signals more traders expect the price to fall rather than rise.
Technical patterns reinforce these concerns. SHIB previously tested the upper trendline of a falling wedge pattern on December 10. Rejection from this level led to a sharp decline of over 14% within two weeks. Daily charts show the Relative Strength Index approaching 32, nearing oversold territory. This reading highlights sustained selling momentum and limited buyer interest. The MACD confirmed bearish pressure last week with a crossover.
Potential Recovery and Key Levels to Watch
Price currently hovers around $0.0000070, and further downside could push SHIB toward the yearly low of $0.0000067 set in October. Traders are closely watching support zones for potential stabilization. While recovering above resistance levels remains a possibility, the bears clearly control near-term action.Even amid bearish conditions, SHIB could see short-term rebounds.
If buyers step in, the memecoin may test the 50-day Exponential Moving Average at $0.0000085. Overcoming this barrier could provide temporary relief and slow the downward pressure. Investors should remain vigilant for sudden spikes in volume or shifts in social sentiment. Any uptick in engagement or derivatives activity could trigger brief rallies. Despite potential rebounds, caution is advised. Bears continue to dominate the trend, and momentum favors further declines before SHIB stabilizes.
Shiba Inu remains under heavy selling pressure, with bears targeting fresh yearly lows. On-chain metrics and derivatives trends reinforce the negative sentiment. Technical indicators show persistent downward momentum, keeping SHIB under scrutiny. Short-term recoveries are possible, but overall control remains with the bears, and traders should monitor support and resistance closely.
