Shiba Inu (SHIB) coin has recently seen a period of stagnation in price action, with minimal movement over the past few weeks.
Shiba Inu (SHIB) coin price showed minimal movement over the past few weeks, and the token has failed to generate much enthusiasm on social media. As a result, traders are largely sitting on the sidelines, waiting for the next major catalyst to enter the market.
Shiba Inu On-Chain Analysis
Shiba Inu (SHIB) coin has shown signs of weakening on-chain activity, signaling a bearish outlook. A drop in open interest, followed by a period of stagnation, indicates that traders are reluctant to open new positions.
The drop in open interest suggests that market participants are hesitant to commit to either long or short positions in the SHIB token.
At the same time, the funding rate has been declining. While the funding rate remains positive, this downward trend implies that traders are less optimistic about SHIB's future price movement.
A declining funding rate typically signals a market where traders expect lower prices in the near term, though it hasn't reached the point where shorts are paying longs.
Larger holders, or whales, have also reduced their holdings, signaling a lack of confidence in the token's price potential. The reduction in whale holdings suggests that even those with substantial holdings are not optimistic about SHIB's immediate future.
On the other hand, while smaller retail investors have been accumulating, their influence has not been enough to counter the broader market sentiment, which remains negative.
These combined factors—stagnant open interest, negative funding rates, and declining whale holdings—highlight the current bearish sentiment surrounding SHIB. Unless these trends show signs of reversal, the token may continue to face downward pressure, and traders should remain cautious when considering new positions.
SHIB Price Fails At EMA Resistance
The SHIB/USD pair failed to move above its 20-day EMA (red wave) trendline, suggesting that bears were aggressively defending the dynamic resistance. The token dropped 1.6% on Sept. 12, highlighting the lack of vigor in the SHIB market.
Should the memecoin break above the EMA trendline, the Shiba Inu coin price might rally to the resistance near $0.0000143 before targeting the resistance at $0.0000156.
Conversely, a downtrend from here would likely see SHIB price test the support levels near $0.0000128 and $0.000012.
The RSI for SHIB coin remained neutral at 46.33, highlighting the lack of bullish momentum in the token's price action.
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