Shiba Inu (SHIB) has Dropped 10% as Bulls Struggle to Defend the $0.000015 Support

As meme coins lose bullish momentum, Shiba Inu has seen a significant 10% correction over the past three days. Currently, the SHIB token is trading at $0.00001525

Shiba Inu price dropped 10% as bulls struggled to defend the $0.000015 support. Will a retest of $0.001365 follow, or will long positions at fib 23.60 trigger a rebound?

Shiba Inu price has seen a 10% correction as meme coins lost bullish momentum.

Shiba Inu price dropped 10% as bulls struggled to defend the $0.000015 support.

Shiba Inu is now at risk of losing the key demand zone, which could lead to a sharper drop toward the $0.001365 level.Shiba Inu price trend displayed a bullish rally of nearly 35% last week. However, the uptrend failed to hold above the 200 EMA line and a 23.60% Fibonacci level.

Following the pullback, Shiba Inu price displayed three consecutive negative candles and trades at a market price of $0.00001518.

Shiba Inu price today dropped to touch the 24-hour low at $0.001479. The lower price direction in the daily candle reflects the bullish struggle to hold above the demand zone.

Furthermore, it highlights the retest of the recently broken inverted head-and-shoulder patterns.

Amid the retest, the daily RSI line dropped from the overbought region to the 14-day SMA at near 57.36. As the momentum declines, the possibility of a post-retest turnaround increases.

Considering the bulls' regained momentum, the pattern breakout could target the 78.60% Fibonacci level at the psychological level of $0.000025.

On the flip side, a bullish failure to hold above the demand zone will likely test the 50 EMA at $0.001365. The next crucial support under the 50 EMA is the psychological support of $0.000010.Derivative Traders Grab SHIB at Lower Prices

As the bearish influence grows over the Shiba Inu price chart, derivatives market witnessed increased volatility.

Based on Coinglass data, the funding rate flipped negative to -0.0016%, with the open interest down by 5.21% at $245.55 million.

Furthermore, the 24-hour liquidations erased $1.66 million worth of bullish positions. Despite the short-term bearish dominance, the long positions are building up, as per Coinglass’s long-to-short ratio chart.

Over the past four hours, the long positions now account for 56.54%, pumping the long-to-short ratio to 1.30%. This highlights the derivative traders capturing the recent bottom and anticipating a potential turnaround in Shiba Inu.Shiba Inu Burn Rate Spikes 6,519%, Hints at Bullish Rebound

Despite the ongoing price pullback, Shiba Inu’s burn metrics signal a potential bullish reversal. According to data from ShibBurn, the SHIB token burn rate surged by a staggering 6,519% in the last 24 hours, with over 28.29 million SHIB tokens removed from circulation.

This sudden spike in the burn rate may support a short-term price bounce, as the reduced supply strengthens bullish sentiment around Shiba Inu.