🐕 Shiba Inu Extends Losses as Whales Offload 32B Tokens
Shiba Inu (SHIB) price continues its correction, dropping below $0.0000077 as large holders shed billions of tokens. On-chain data and derivatives markets signal a bearish bias, with momentum indicators pointing to further downside in the near term.
Key Facts:
• 📉 32.17 billion SHIB tokens offloaded by whales between January 20 and January 29, increasing selling pressure. (Santiment)
• 🔻 SHIB futures Open Interest fell to $92.69M, down from the January 6 high of $145.56M, reflecting declining investor participation. (Coinglass)
• ⚙️ Technical indicators: RSI at 41 (bearish), MACD bearish crossover intact, momentum favors continued downside.
Price Levels to Watch:
• Support: $0.0000073 (Sunday low), $0.0000067 (October 10 low)
• Resistance: 50% retracement at $0.0000099, 50-day EMA for potential rebound
Market Insight:
The combination of whale selling, falling Open Interest, and technical weakness suggests bears are in control of SHIB’s momentum. Any recovery would require renewed buying interest from both retail and institutional participants.
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