Shiba Inu's SHIB token is facing intense selling pressure, trading perilously close to its yearly low of $0.0000067. The memecoin has been unable to break above the $0.000070 level, with bears firmly in control of the market. Technical indicators, including a daily Relative Strength Index (RSI) near 32 and a bearish MACD crossover, confirm the strong downward momentum.
On-chain and derivatives data paint a bleak picture for investor sentiment. SHIB's social dominance metric has plummeted to 0.032%, approaching annual lows, signaling waning community interest and discussion. This decline in social chatter often correlates with reduced buying pressure. Furthermore, futures open interest on Bitmex has hit a new yearly low of $50,140, while the long-to-short ratio sits at 0.83, indicating more traders are betting on further price declines than on a recovery.
In the short term, SHIB's price action has been trapped in a tight range. As of recent reporting, the token traded at $0.057263, down 2.4% in 24 hours, bouncing between support at $0.057196 and resistance at $0.057439. Despite this USD decline, SHIB showed relative strength against major peers, gaining 3.1% against Bitcoin and 3.4% against Ethereum. The key level for traders to watch remains the yearly low of $0.0000067; a break below could trigger a new wave of selling.
