- Shiba Inu: Bears dominate, keeping SHIB below $0.000070 and near yearly lows.
- Social Sentiment: Discussion and community interest continue declining, signaling weakening investor confidence.
- Technical Indicators: RSI and MACD confirm strong bearish momentum, with key support at $0.0000067.
Shiba Inu’s SHIB continues to struggle, trading below $0.000070 as bearish forces dominate. Momentum in the broader crypto market shows little support for a recovery. On-chain and derivatives data suggest further declines may be ahead. Investors are watching key technical indicators and market trends to gauge SHIB’s next move. The memecoin has seen declining interest on social platforms and reduced futures participation, reinforcing concerns that bears are firmly in control.
On-Chain and Derivatives Data Show Bearish Bias
Shiba Inu’s social dominance metric points to waning investor interest. Santiment tracks the share of SHIB-related discussions in crypto media, and the index has steadily declined since mid-November. As of Wednesday, the figure reached 0.032 percent, approaching annual lows. This drop signals weakening market attention and declining sentiment among holders.
Reduced discussion often translates to lower buying pressure, allowing bearish forces to push the price lower. Derivatives data further support the negative outlook. SHIB’s futures open interest on Bitmex dropped to $50,140, marking a new yearly low according to Coinglass. Lower open interest suggests fewer traders are actively participating, which may reduce liquidity and accelerate price moves when market swings occur.
Additionally, the long-to-short ratio reads 0.83, the highest level in a month. A ratio below one indicates more traders are betting on SHIB’s decline, confirming the bearish dominance. The combination of declining social sentiment and reduced futures activity shows that bearish pressure remains strong. Even minor rallies may struggle to gain momentum as both retail and professional traders appear cautious.
Technical Outlook and Key Price Levels
SHIB recently faced rejection from the upper trendline of a falling wedge pattern on December 10. The token dropped more than 14 percent in the following two weeks, reaching around $0.0000070. If the current correction persists, SHIB could revisit its yearly low of $0.0000067, last set on October 10. Traders will watch this level closely as a potential support zone.
Technical indicators reinforce the bearish narrative. The daily Relative Strength Index is around 32, close to oversold territory, highlighting strong downward momentum. The MACD showed a bearish crossover last week, further confirming the current weakness. While these signals show selling pressure dominates, any recovery could push SHIB toward the 50-day Exponential Moving Average at $0.0000085. Traders will likely monitor volume and market sentiment closely to see if bulls regain control.
For now, Shiba Inu faces strong pressure as bearish momentum continues. Social and derivatives data support the outlook for further declines. Key technical levels, including the yearly low and moving averages, provide guidance for traders. Monitoring SHIB’s price action and market sentiment will be critical to navigate potential moves in the coming weeks.
