Shiba Inu Faces Bearish Market Structure as Demand Weakens
Shiba Inu, the popular meme coin, is facing a bearish short-term market structure as demand weakens at a key support zone. Despite initial expectations of an 18% move higher, the bullish momentum has slowed, leaving investors concerned about the future price action.
Bitcoin’s current price of $63.7k could potentially sink towards $59.4k, impacting Shiba Inu’s prices in the short term. The support zone that previously held off sellers is now showing signs of faltering momentum, with the RSI indicating bearish momentum and the OBV suggesting balanced buying and selling pressure.
The weakened social sentiment surrounding Shiba Inu further highlights the struggle for bullish momentum. Metrics such as Social Dominance and Open Interest have been on the decline, reflecting reduced social media engagement and lower timeframe bullish momentum.
As Bitcoin’s trends continue to dictate market movements, Shiba Inu’s short-term bullish target of $0.00003 remains uncertain. Investors will be closely watching for any signs of a reversal in the current bearish market structure.
