Shiba Inu (SHIB) has plunged below a critical support level at $0.0000051, with the price trading near $0.000004929 after a sharp daily drop of over 7.87%. This breakdown confirms a continuation of the broader bearish trend, as weekly chart structure shows the lowest levels of the current cycle. The weekly RSI is drifting toward oversold territory, while the MACD remains below the signal line, indicating sustained bearish momentum without any clear reversal signal.
Derivatives data further reinforces the negative outlook. Open Interest in SHIB futures has fallen sharply from above 80 million to nearly 50 million, signaling that traders are closing positions rather than building new longs. Funding rates have turned negative, reflecting increased bearish sentiment in leveraged markets. Additionally, a staggering 1,418% decline in futures flow over eight hours was recorded—a figure that, while arithmetic-ally extreme due to small base flows, highlights how aggressively traders have exited leveraged positions.
Spot markets are also under pressure. Net outflows persist, with seven-day spot outflows exceeding $4.4 million. On-chain exchange data shows total outflows outstrip inflows by approximately 586 billion SHIB. While colossal exchange outflows can sometimes indicate accumulation, the current context suggests investors are repositioning amid uncertainty rather than buying the dip.
Recovery now hinges on reclaiming the lost $0.0000051 support. A decisive bounce above this level could trigger a short-term relief rally, but failure to do so leaves SHIB vulnerable to further downside. Until buying volume and derivatives participation show meaningful improvement, bearish control is expected to persist.
