SHIB Slips Below Key Level Amid Weak Buyer Support
Key Takeaways
- Shiba Inu (SHIB) recently broke below the mid-range price level at USD 0.0000129.
- Technical indicators and on-chain data point to a phase of uncertainty.
- Declining funding rates and decreasing open interest signal waning buying interest.
- Despite whale sell-offs, exchange outflows suggest possible accumulation.
- The 30-day MVRV is negative – a potential sign that short-term selling may be easing.
SHIB Under Pressure: Support Fails to Hold
The memecoin Shiba Inu (SHIB) has been moving sideways for the past two months. Recently, the price fell below the mid-range level of USD 0.0000129. This breakdown suggests the price is more likely to trend toward the lower boundary rather than initiate a new upward move.
Such a price drop is often interpreted as a sign of increasing seller dominance. Technical indicators support this view as well: the price structure shows no clear strength on the buyer side.
Whale Behaviour and Exchange Movements
Although some large wallets (so-called “whales”) have sold SHIB in recent days, the net position on exchanges has been negative since January. This means more tokens are being withdrawn from exchanges than deposited. Such movements often indicate accumulation – investors are transferring their holdings to secure wallets rather than preparing to sell.
In contrast, December 2024 saw strong inflows to exchanges – a classic sign of impending sell-offs. That movement marked the local high at the time.
Funding Rate and Open Interest as Sentiment Indicators
The funding rate – a measure of market sentiment in futures – has dropped below zero in recent days. This indicates that short positions are dominant and the market is expecting falling prices.
Open interest, which reflects the total volume of open derivative contracts, has also been declining since April 26. This points to waning interest in speculative long positions and a more cautious stance among market participants.
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On-Chain Activity: Accumulation or Selling Pressure?
The number of active addresses briefly increased at the beginning of May but then dropped again. Such short-lived activity spikes are typically associated with selling phases. Sustained high activity, on the other hand, would signal rising demand.
Combined with exchange outflows, however, this could still indicate the beginning of accumulation. Investors appear to be preparing for a potential consolidation phase.
Long-Term Holders Remain Cautious
Another indicator, the average coin age (Mean Coin Age), currently shows no clear upward trend. In the past – particularly between January and March – a steady increase in this metric was a sign of long-term accumulation.
Dormant circulation, which tracks the movement of previously inactive coins, also suggests minor selling waves. The 30-day MVRV (Market Value to Realized Value) is currently negative. This means that many short-term investors are at a loss. This could be a sign that selling pressure is easing.
Our Assessment
Shiba Inu is currently at a critical juncture. The break below the mid-range price level and declining market indicators argue against short-term price gains. However, exchange outflows and negative MVRV values suggest that an accumulation phase may be beginning.
If you’re invested in SHIB or considering entering the market, you should closely monitor developments over the coming weeks. A clear bottom formation or a retest of the lower range could provide better insight into future trends. For now, caution is advised – for both traders and long-term investors.
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