Shiba Inu (SHIB) Dips as Mantix ($MTX) Emerging Altcoin Captures Investor Attention with Its Presale Raising Over $600K

Shiba Inu (SHIB) slipped recently, although recovery has seen Shiba Inu hover around $0.00001466.

Shiba Inu (CRYPTO: SHIB) slipped recently, although recovery has seen Shiba Inu hover around $0.00001466. Bearish sentiment has deepened as investors become less enthusiastic.

Shiba Inu is slipping as technical indicators show support at key levels. Despite trading volume remaining high, Shiba Inu faced rejection at resistance.

Shiba Inu Price Analysis: Shiba Inu has slipped over the past month, with recent recoveries pushing the token to trade at around $0.00001466.

Shiba Inu is now entering a clear downtrend after hitting a local high of $0.00001707 on May 1. Technical indicators show key support at the $0.00001435 level, but price action shows that bears are in control.

Shiba Inu is testing the 0.382 Fibonacci level in what could be a make-or-break moment for buyers. If the sellers push lower, the next support level is at the 0.5 Fibonacci level, at about $0.00001331.

If Shiba Inu can manage to stay above the $0.00001435 support, it may retest the 0.236 Fibonacci level at $0.00001538. Further gains could then target the 0.127 Fibonacci level, at about $0.00001615.

Shiba Inu is now trading at $0.00001466, with a 24-hour trading volume of $143,473,000.00.

Shiba Inu/USD 4H Chart: December 2023

Shiba Inu is in a downtrend, and technical indicators show that the bears are in control. The MACD is in the negative territory, and the RSI is below the 50% level. This indicates that the sellers are currently stronger than the buyers.

Shiba Inu is also facing resistance at the $0.00001580 level. This is the price level where Shiba Inu has been rejected twice in recent weeks. If Shiba can break above this resistance level, it could continue to rise.

Shiba Inu is testing the 0.382 Fibonacci level of its recent price decline. This is a key level to watch, as it could determine the short-term direction of the price.

If Shiba can manage to stay above the $0.00001435 support, it may retest the 0.236 Fibonacci level at $0.00001538. Further gains could then target the 0.127 Fibonacci level, at about $0.00001615.

Shiba Inu is in a critical stage of its price trend. If the bears manage to push the price lower, it could test the lower Fibonacci levels.

Shiba Inu Derivatives Data Shows Open Interest Declining With Price

Shiba Inu has seen a recent decline in price, which has led to a decrease in Open Interest (OI) on derivatives exchanges. This suggests that traders are reducing their exposure to Shiba Inu as the token struggles to regain bullish traction.

As seen on the chart by crypto derivatives analyst, Manti (@MantixCC), the total OI on Shiba Inu perpetual contracts has been decreasing rapidly over the past month. This decline in OI is a bearish signal, as it indicates that traders are becoming less interested in trading Shiba Inu.

The decline in OI can be attributed to several factors, such as the recent price drop, which has put traders in a loss and may be prompting them to close out their positions. Additionally, the lack of significant bullish momentum in Shiba Inu may be leading traders to diversify their holdings into other tokens.

Moreover, the crypto market has been performing poorly overall in recent times, which could also contribute to traders decreasing their risk appetite and, in turn, their trading activity on derivatives exchanges.

As Shiba Inu continues to trade at lower price ranges, it remains to be seen whether traders will return to accumulate more positions or if the token will continue to be met with selling pressure at higher levels.

Mantix Raises Over $600K In Stage 1 Of Presale As Shiba Inu Price Slips 17.75%

Shiba Inu (CRYPTO: SHIB) price slipped by 15.65% over the last week, showing a 17.75% decline within a month. Despite some recovery attempts, SHIB remained under bearish pressure.

Shiba Inu has entered a clear downtrend after hitting a local high of $0.00001707 on May 1. Technical indicators showed key support at the $0.0000