Shiba Inu (SHIB) is currently experiencing downward pressure, trading at $0.000006216, which represents a decline of 4.7% in the last 24 hours. This trend highlights the ongoing struggles of SHIB as it remains below the mid-band resistance level on the Bollinger Bands, indicating a lack of bullish momentum.
The trading range for the past day has been relatively narrow, fluctuating between $0.000006218 and $0.000006525. Initially, SHIB attempted to stabilize at the upper end of this range but has since retreated toward the lower end. Over a 14-day period, the token has decreased by 3.2%, although it has seen a modest increase of 2.5% over the past week, suggesting some short-term recovery attempts within a broader bearish framework. However, a notable longer-term trend reveals a decline of 21.8% over a 30-day span.
In terms of technical analysis, the daily chart shows that SHIB is positioned just below the middle Bollinger Band, which is currently around $0.00000638, and significantly lower than the upper band located near $0.00000706. The lower band, approximately at $0.00000569, acts as immediate dynamic support. A drop below this critical support could lead to further declines towards the recent swing low around $0.0000051. Conversely, reclaiming the middle band would signal a potential short-term rebound for bulls.
The sentiment among traders appears cautious, as indicated by the current open interest of approximately $72 million, which is considerably lower than the January peak exceeding $140 million that coincided with a price surge. This decrease in open interest correlates with the recent price declines, reflecting long liquidations and a general reduction in risk appetite among leveraged investors. Although there has been a slight uptick in positioning recently, it remains modest compared to previous levels, suggesting that traders are not yet ready to aggressively pursue new leveraged positions.
The relative strength index (RSI) is hovering around 41-42, indicating weak-to-neutral momentum below the neutral threshold of 50. For a stronger bullish scenario to emerge, the RSI would need to surpass the 50 mark and maintain that position, indicating an upward shift in market momentum.
