Shiba Inu Tumbles as Bearish Trend Regains Momentum
Shiba Inu's recent price decline has sparked concerns among traders and investors. Over the past 24 hours, SHIB dropped by 4.81%, while its peers Dogecoin and Bitcoin saw smaller losses of 1.75% and 0.37%, respectively.
The Open Interest change from yesterday was -16.18%, according to Coinalyze data, indicating a significant shift in market sentiment. The funding rate has also turned bearish, further exacerbating the downward trend.
A closer look at Shiba Inu's technical analysis reveals that the July-end bounce failed to alter the downtrend. The OBV and MACD indicators suggest upward momentum over the past week, but the token's overall structure remains bearish.
As a result, traders are warning of potential further losses for SHIB, with some predicting a price drop to $0.0000034, representing a 26.6% decline from current market prices. Traders can wait for a drop below the $0.0000046 demand zone to go short.
The technical indicators suggest bears have the upper hand in the short-term, with the higher timeframe context indicating that SHIB is likely to continue its southward trajectory.