Data from Binance shows a nearly 50/50 split in sentiment among top Shiba Inu (SHIB) derivatives traders, signaling market indecision. Open interest in SHIB futures declined 3% to $52.8 million, reflecting caution. A weekly chart analysis confirms a long-term downtrend, with price breaking below a key support level. Technical indicators suggest bearish momentum may be slowing.
Shiba Inu (SHIB) shows clear indecision among derivatives participants, according to mid-session data from Binance. Leading accounts show a near-even split, with 50.29% holding long positions and 49.71% holding short positions.
Open interest in SHIB futures has dropped 3% over 24 hours to $52.8 million. This signals a more cautious and reserved stance across the derivatives market.
A weekly chart analysis highlighted by an analyst confirms a clear long-term downtrend. Price is breaking below the key support level of $0.00000667, suggesting continued bearish momentum.
Major resistance remains near $0.000014733 and $0.00003245 above. If selling continues, the next support levels would be around $0.00000304 and then $0.00000138.
From an indicator perspective, the RSI is at 34 and has bounced from near 30. This indicates selling pressure may be weakening, while a breakout above 50 would signal growing buying strength.
The MACD shows weak bearish sentiment, but the shrinking bars indicate bears are losing steam. The chart appears to be consolidating, with a stabilization pattern potentially emerging.
