Shiba Inu Extends Downward Streak Amid Weak Technical Structure

Shiba Inu (SHIB) continues its downward trend, marking its seventh consecutive day of losses. Despite a surge in perpetual futures Open Interest (OI), the meme coin remains under pressure due to a weak technical structure.

The OI has risen to 11.08 trillion SHIB on Tuesday, from 10.46 trillion the previous day, indicating sustained retail interest in SHIB derivatives. This comes as the broader market correction persists, with Shiba Inu declining by about 14% from $0.00000583 in August.

The trading volume remains low at $50.2 million on Tuesday, despite a marginal increase from $31.7 million the previous day. Momentum remains weak, underpinned by a declining Relative Strength Index (RSI) at 45 on the daily chart.