Shiba Inu (SHIB) Plummets: Hits Three-Month Low as Open Interest Halves

Shiba Inu is leading the meme coin pack with the worst performance this month, and a recovery might be a long way off due to current market conditions.

Shiba Inu's price has dropped to a three-month low, increasing selling pressure on investors. The Chaikin Money Flow (CMF), which measures the accumulation and distribution of a cryptocurrency, has fallen below the neutral line, indicating rising bearish sentiment.

In addition to the CMF drop, Shiba Inu’s Open Interest, which tracks the total number of outstanding derivative contracts, has plunged by over 50% in the past week, from $73 million to $34 million. This sharp decline suggests a significant withdrawal of investor money, reinforcing the bearish outlook for SHIB.

Trading at $0.00001799, Shiba Inu has fallen below the critical support level of $0.00002093. With investors pulling out, the meme coin could either stabilize below this level or dip further to $0.00001473. Consolidation appears to be the next likely step, delaying any recovery.

Only a resurgence in buying pressure could invalidate this bearish trend, potentially pushing the price above $0.00002093 and turning $0.00002267 into new support.
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