- SHIB is down 2.84% in 24 hours, with a 1.56% weekly decline.
- The token is trading at $0.00001220, close to the lower Bollinger Band.
- The RSI is at 46.88, and the MACD is bearish, signaling weak momentum.
- Open interest and trading volume show reduced market activity.
Shiba Inu (SHIB) is trading under sustained bearish pressure amid broader crypto market weakness. Over the last 24 hours, SHIB has slipped 2.84%, while the weekly decline stands at 1.56%. At the time of writing, the token is trading at $0.00001220. The 24-hour trading volume of $197.39 million reflects a drop of 6.07%, and the market capitalization sits at $7.19 billion.
The current trend shows the token struggling to gain upward momentum. Support levels near $0.00001000 remain key, while resistance is observed around $0.00002000. Price action indicates a cautious market, with traders hesitating to push aggressively in either direction.
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SHIB Technical Indicators Suggest Weak Momentum
The monthly chart shows SHIB trading near the lower Bollinger Band at $0.000012, indicating the token could be oversold or undervalued. The middle band, representing the 20-month SMA, sits around $0.00002, and the upper band is at $0.00003. Tightening bands suggest volatility may expand soon, although current movement remains range-bound.
Momentum indicators remain subdued. The Relative Strength Index (RSI) is at 46.88, slightly below the neutral 50 line. This reflects mild bearish pressure without a clear oversold condition.
The MACD line is lower than the signal line, and the histogram has rising red bars. This confirms bearish momentum and a possible continuation of the trend lower, except for a sharp rise in volume.
Derivatives Data Reflects Market Caution
Current Open Interest (OI) for SHIB is $174.21 million, down by 6.33% in recent periods. The decline is a sign of unwinding of positions or caution by the traders. OI at lower levels tends to indicate less speculative activity, in line with muted price change and weak technicals.
The OI-weighted funding rate is positive at 0.0085%. This confirms longs are slightly dominant, though not strong enough for notable upward momentum. The green bars for the funding chart indicate some bullish support, though for the greater majority, it is a neutral tone.
SHIB is technically weak and range-bound. Prices stabilize around major support, and RSI and MACD also confirm weak bullish momentum. Following open interest and muted trading volumes also highlight a cautious market stance. A bounce higher toward $0.00002000–$0.00003000 requires building momentum and a more constructive buying appetite. Until then, the chart recommends a cautious stance.
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