- SHIB faces resistance at $0.00001320, with a breakout targeting $0.00001350.
- RSI at 37.93 signals bearish pressure, but a move above 40 may trigger recovery.
- Derivatives data shows declining trader interest, with volume dropping 36.59%.
Shiba Inu (SHIB) has shown a modest increase of 1.52% over the past 24 hours, trading at $0.00001292. However, the 24-hour trading volume has dropped by 36%, falling to $311.7 million. This decline suggests a weakening in market activity, indicating that traders might be adopting a wait-and-see approach.
Support and Resistance Levels Suggest Key Price Zones
Shiba Inu has found strong buying interest near $0.00001224, establishing a critical support level. This price point has prevented further declines, signaling bullish defense. Additionally, another key support level exists around $0.00001250, where the price has previously rebounded. If SHIB remains above these levels, a push toward higher resistance zones remains possible.
On the resistance side, SHIB recently peaked at $0.00001320, marking an obstacle for further gains. If the price surpasses the $0.00001300 mark, the next resistance level stands at approximately $0.00001350. A breakout above this range could signal increased bullish momentum, leading to stronger price movement in the short term.
Technical Indicators Signal Mixed Market Sentiment
The Relative Strength Index (RSI) currently sits at 37.93, near the oversold territory. This indicates bearish pressure, but a rebound could occur if RSI moves above 40-50. If buying interest strengthens, it may support a potential price recovery. However, if the RSI remains below 40, sellers could retain control, increasing the chances of further declines.
Meanwhile, the Moving Average Convergence Divergence (MACD) suggests ongoing bearish momentum. The MACD line is below the signal line, reinforcing a downward trend. However, a bullish crossover could indicate shifting sentiment, potentially leading to an upward price move.
Derivatives Data Highlights Declining Interest
The derivatives market for SHIB reflects declining speculative activity. Coinglass data indicate trading volume has dropped by 36.59%, reaching $101.97 million, highlighting reduced engagement from short-term traders. Additionally, open interest has fallen by 0.99% to $115.90 million, suggesting a decline in futures contract participation.
