Shiba Inu Sell-Off Continues Amid Weak Technical Structure

Shiba Inu (SHIB) continues its downward trend, trading at $0.00000450 on Tuesday. This marks the seventh day of a sell-off for the meme coin, weighed down by a weak technical structure. A bearish Relative Strength Index (RSI) and downtrending moving averages indicate limited recovery potential.

Retail investors are showing sustained interest in SHIB derivatives, with perpetual futures Open Interest (OI) rising to 11.08 trillion SHIB on Tuesday. This is more than double the July low of 6.05 trillion SHIB. The OI-Weighted Funding Rate remains positive at 0.0082%, suggesting that derivatives could help absorb selling pressure.

However, trading volume remains low at $50.2 million despite a marginal increase from $31.7 million the previous day. Shiba Inu's technical structure suggests it may be getting close to oversold conditions, which could prompt a recovery if support levels hold.