Shiba Inu Price Plunges 4.81% as Bearish Trend Regains Momentum

Shiba Inu (SHIB) has been experiencing a bearish trend in the past 24 hours, with its price declining by 4.81%. This downturn comes after a 5.1% increase over the past month. The Open Interest change from yesterday was -16.18%, according to Coinalyze data.

The decline in SHIB's price has been accompanied by a slide in spot CVD and a downturn in speculative interest. The funding rate has also been bearish in recent hours, adding to the bearish picture for Shiba Inu. For comparison, Dogecoin was down by only 1.75% in 24 hours, while Bitcoin (BTC) slid just 0.37%.

The July-end bounce that SHIB experienced was unable to alter the downtrend. The OBV on the daily timeframe has been trending higher over the past ten days, but this upward momentum is not enough to overcome the bearish structure of the token. Traders are advised to wait for a drop below the $0.0000046 demand zone before going short.