TLDR
- SHIB declined 10% over seven days to current price of $0.00001164
- Futures market sentiment shifted bearish with long-short ratio at 0.9298
- Bullish traders lost $1.8 million in forced liquidations since June 12
- Two critical price zones at $0.00001167 and $0.00001061 could determine next move
- RSI oversold readings and potential MACD crossover suggest bounce opportunity
Shiba Inu experienced downward pressure this week as selling activity pushed the token to its lowest levels in two months. The meme cryptocurrency now trades at $0.00001164 following the recent decline.
Market data shows a shift in trader positioning through derivatives markets. The long-short ratio has moved below 1.0 to reach 0.9298, reflecting increased bearish bets among futures traders.
Liquidation events have heavily impacted bullish positions. Exchange data indicates $1.8 million worth of long positions were closed out since June 12 due to insufficient margin requirements.
The imbalance becomes clear when comparing liquidation volumes. While bulls lost $1.8 million in forced closures, short position liquidations stayed under $500,000 during the same period.
Derivatives activity shows reduced market engagement. Open interest fell 2.14% to $145.33 million over the past day, indicating fewer active positions in SHIB futures contracts.
Daily liquidation figures highlight continued pressure on leveraged bulls. Long liquidations reached $244,000 in recent trading sessions while shorts faced only $57,000 in forced closures.
Price action hit a low of $0.00001134 on Tuesday before recovering slightly. This bounce attempt has provided some relief but remains fragile given the broader bearish context.
Support Zone Analysis
Technical analysis identifies two crucial price areas for SHIB’s future direction. The immediate support sits at $0.00001167, which the token recently penetrated during its decline.
The second major support zone lies at $0.00001061. Market observers consider this level the final defense before more severe downside could develop.
Volume patterns during the decline show concerning trends. Reduced trading activity at key support areas often indicates weak buying interest and can lead to further price drops.
Chart analysis reveals SHIB trading below major moving averages. The 50, 100, and 200-period exponential moving averages now serve as overhead resistance rather than support.
Market structure suggests limited buying conviction. Each recovery attempt has shown weaker momentum, with volume decreasing on bounce efforts.
The RSI indicator sits around 35, showing oversold conditions but without clear signs of reversal momentum building yet.
Recovery Signals Emerge
Despite bearish sentiment, certain technical factors point toward potential stabilization. SHIB maintains its position above the $0.00001100 level, which analysts view as psychologically important.
Momentum indicators show early signs of possible trend change. The daily RSI displays a minor bullish divergence pattern where price makes lower lows but the indicator shows higher lows.
The MACD histogram approaches a potential bullish crossover with its signal line. This development could indicate weakening downward momentum and possible trend shift.
Trading volume data provides mixed signals about buyer interest. Above-average volume accompanied the recent close at $0.00001170, suggesting some accumulation activity.
Short-term charts show oversold conditions on hourly timeframes. These readings often precede technical bounces when combined with support level holds.
Fibonacci analysis points to $0.00001390 as a potential target if bullish momentum develops. This level represents the 23.60% retracement of recent declines.
The immediate focus remains on the $0.00001168 support area. Holding above this zone could validate the technical bounce scenario for SHIB.
Current market conditions show SHIB at $0.00001164 with traders monitoring key levels for directional clues.
