Shiba Inu has turned bearish on the daily chart after the Supertrend indicator flipped against the token, with price now trading near $0.00000520, down 0.95% on the day. The meme coin pulled back from an early September spike above $0.0000062 that failed to hold, leaving SHIB pinned between the 0.382 and 0.5 Fibonacci retracement levels from the April-to-June range at $0.00000505 and $0.00000536.
The bearish outlook is reinforced by a sharp decline in burn activity. SHIB’s burn rate collapsed 61.98% over 24 hours, with most recent burns worth only $1 to $7 each. In derivatives markets, longs absorbed the bulk of the damage, taking $120,110 of Tuesday’s total $159,320 in liquidations.
For the September 11 session, the key level to watch is $0.00000512. A failure to hold that support could extend the pullback toward $0.00000467, while bearish resistance is seen near $0.00000529 after the Supertrend flip.
