Shiba Inu (SHIB) recently faced significant downward pressure during a broader cryptocurrency market pullback, dropping 16.13% to a low of $0.0000052 after previously reaching $0.0000062. Following the decline, the memecoin experienced a slight rebound to trade at $0.0000053, though it remained down 5.4% over the period. Trading volume also contracted by 63% to $140 million, indicating a cooling market.
The downturn coincided with changing global market conditions amid a renewed tariff war, which prompted crypto investors to reduce their exposure. During this shift, SHIB encountered intense selling pressure across both spot and derivatives markets.
On the spot market, SHIB recorded 3.8 trillion in sell volume compared to 3.4 trillion in buy volume, resulting in a buy-sell delta of 0.4 trillion. A similar pattern emerged in perpetual contracts, where sell volume reached 1.32 trillion against 1.27 trillion in buy volume, yielding a negative perpetual delta of -179 billion and a net buying figure of -1.2 trillion. Futures data further showed $16.17 million in outflows versus $15.34 million in inflows, dropping the futures netflow to -833k as traders closed positions.
Despite the selling pressure, technical indicators suggest the broader bullish structure remains intact. The Directional Movement Index (DMI) showed the positive index declining from 50 to 37, but it continues to sit above the ADX and negative directional index. Additionally, the Relative Strength Index (RSI) maintained an upward trajectory.
Market analysts note that a daily close above $0.0000060 is required for a sustained reversal and continuation of the uptrend. Conversely, if bearish pressure persists and market participants retake control, SHIB risks breaching the $0.000005 support level with potential to fall further toward $0.0000047.
