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    You are at:Home » Shiba Inu Endures Ongoing Bearish Pressure as It Struggles to Overcome Resistance Levels
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    Shiba Inu Endures Ongoing Bearish Pressure as It Struggles to Overcome Resistance Levels

    By adminAug. 9, 2024003 Mins Read
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    Shiba Inu Endures Ongoing Bearish Pressure as It Struggles to Overcome Resistance Levels
    Shiba Inu Endures Ongoing Bearish Pressure as It Struggles to Overcome Resistance Levels
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    ### Shiba Inu Faces Ongoing Bearish Trends as Price Struggles to Overcome Resistance

    **Read on CoinChapter.com**

    172326972617073

    **Google News**

    NOIDA (CoinChapter.com)— Since August 5, Shiba Inu (SHIB) has entered a consolidation phase characterized by minimal price fluctuations and low volatility. Following a rebound from a six-month low, SHIB has found it challenging to surpass its immediate resistance levels.

    The token’s price has remained within a narrow range, reflecting a cautious sentiment in the market. Although there have been brief periods of upward movement, SHIB continues to be ensnared in a more extensive bearish trend. Additionally, market sentiments and supply distribution indicators suggest a pessimistic outlook for the token.

    Compounding this bearish sentiment is the risk of the SHIB USD exchange rate potentially plummeting by nearly 74%, driven by a technical pattern known as the ‘descending triangle.’

    ### Persistent Bearish Signals for Shiba Inu

    Recent charts depicting SHIB’s market activity reinforce a bearish perspective regarding the token.

    172326972785364

    *SHIB OI-weighted funding rate. Source: Coinglass*

    The OI-weighted funding rate for SHIB has consistently shown negative values, signifying an increase in short positions. This trend indicates that traders are leaning more towards betting against SHIB, demonstrating a lack of confidence in its near-term price trajectory.

    172326972848425

    *Shiba Inu futures open interest.*

    Moreover, there has been a notable decline in the open interest for SHIB futures contracts since February 2024, signifying a clear decrease in speculative interest. A drop in open interest typically precedes lower price volatility and also hints at waning optimism regarding any potential bullish reversal for SHIB.

    172326973217292

    *SHIB supply distribution by balance of addresses. Source: Santiment*

    Lastly, the distribution chart reveals a concerning trend among SHIB holders. While smaller investors have been accumulating SHIB, larger holders—who generally possess better market insights—are scaling back their positions. This shift in distribution, with significant investors reducing their stakes, suggests that more informed market participants foresee a further decline in the SHIB USD pair. The accumulation by smaller holders, likely motivated by speculative interests rather than strong conviction, fails to counteract the bearish sentiment fostered by the exit of larger players.

    Despite sporadic rallies driven by short-lived bullish sentiment and community initiatives, the broader technical and on-chain data indicate a bearish trajectory for SHIB.

    ### SHIB Price Struggles to Surpass Resistance Levels

    On August 8, the SHIB USD exchange rate surged nearly 12%, likely in response to the favorable ruling in the SEC Ripple lawsuit. However, bears returned on August 9, leading to a drop in the token after DOGE failed to rally above immediate support near $0.0000139.

    172326973454522

    *SHIBUSD daily price chart with RSI. Source: Tradingview*

    The strong selling pressure near the immediate resistance suggests a weakening buying momentum. Bulls are finding it difficult to maintain the rally, and if this trend persists, SHIB could fall to the immediate support level at $0.0000122. A breach below this support could intensify selling pressure, potentially driving the price down to $0.0000111.

    On the other hand, if SHIB manages to bounce back, it will encounter initial resistance at $0.0000143, with further upside potential targeting the 0.786 Fibonacci retracement level near $0.000016. The relative strength index (RSI) currently stands at a neutral 38.06, indicating that SHIB is neither in oversold nor overbought territory, allowing for potential volatility in either direction.

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