Shiba Inu Price Plunges as Bears Maintain Grip on Market

SHIB's recent price action has been bearish, with the token dropping 23% from its August high near $0.0000058. It currently trades at the bottom of a descending channel on the 4-hour chart, with each attempted rally getting capped progressively lower.

The macro backdrop isn't favorable for bulls either, as SHIB is down roughly 27% over 90 days and off a staggering 67%+ year-to-date. This has led to a chart that's been under institutional distribution pressure for the better part of a year.

However, there's one interesting development on the fundamental side: over 110 billion SHIB were withdrawn from exchanges in a single day last week, with another 204 billion pulled on August 12th. Exchange reserves are now hovering near multi-month lows at around 80.32 trillion SHIB, indicating accumulation behavior.

The technicals are not yet in favor of the bulls, with momentum indicators rolling bearish and the RSI sitting in the mid-40s, which is not oversold enough to trigger a mechanical bounce.