SHIB Price Down 3.6%, But Trading Volume Explodes Over 100%

• Shiba Inu struggles at support as trading volume surges past $359 million daily
• Bearish signals mount with RSI below 50 and MACD showing no bullish momentum
• Open interest rises slightly to $19.8M, showing cautious trader participation

Shiba Inu (SHIB) is showing clear signs of strain in the short term. The token slid 3.66% over the past 24 hours, settling near $0.00001230. Its market cap now stands at $7.25 billion. 

But underneath the negative price action, a massive spike in trading volume tells a more complex story. Here’s a direct breakdown of what the market is asking and what the data shows.

Why Is the SHIB Price Down Today?

The trend bias for SHIB is negative on the daily chart. The token has been stuck in a pattern of lower highs and lower lows, which is a classic sign of a downtrend. This weakness is confirmed by the key momentum indicators.

The MACD line is leaning negative with no sign of a bullish crossover, and the Relative Strength Index (RSI) is at 43.98, below the neutral 50 mark. This suggests that sellers are still in control of the market’s direction as Shiba Inu Faces Pressure and the Community Questions Leadership.

What Are the Key Support and Resistance Levels to Watch?

Right now, SHIB is testing its most important immediate support range between $0.00001220 and $0.00001230. A decisive break and close below this level could open the door for a further drop to the next support zone at $0.00001200. 

On the upside, near-term resistance is positioned at $0.00001320–$0.00001330. Beyond that, a recent spike created a local peak at $0.00001355–$0.00001360. Any attempt to reverse momentum would likely face selling pressure in this area.

The trend bias remains negative on the daily timeframe. SHIB initially rallied from $0.00001289, but gains quickly evaporated as profit-taking set in. The result has been a series of lower highs and lower lows, a pattern that often signals weakness.

Is the Trading Volume Dying?

No, in fact, the opposite is true. While the price is falling, trading volume has exploded, more than doubling over the previous session to hit $359 million. This high turnover shows that trader engagement is surging at these price levels.

Open interest data reinforces the picture of heightened but cautious activity. SHIB’s total open interest stands at $19.8 million, all concentrated in perpetual contracts. 

OKX holds $16.2 million, followed by Kraken and Huobi at smaller levels. The slight uptick of 0.27% in open interest during the past day signals that traders are adding exposure, though not aggressively.