Shiba Inu Coin (SHIB) Price Experiences Downward Pressure From Whale Outflow and Bearish Sentiment

Shiba Inu price experienced downward pressure on August 15 following a market-wide slump that resulted in a 3.1% decrease in the total industry market cap.

Shiba Inu (SHIB) price experienced downward pressure on August 15. This follows a market-wide slump that resulted in a 3.1% decrease in the total industry market cap. However, this may not be the only factor contributing to the price reversal of the meme coin, as bearish sentiment among traders and whale investors signals that SHIB might be up for a further decline in the coming days.

Key Points:

SHIB price decreased by 1.5%, trading at $0.00001359.

On-chain data reveals a possible outflow of whales from SHIB.

Bearish sentiment is evident, with a higher cumulative liquidation of short positions compared to longs.

Shiba Inu price experienced a 1.5% decrease over the last 24 hours, trading at $0.00001359. As the world’s second-largest meme coin continues to experience a bearish spell, on-chain data from IntoTheBlock suggests that鲸鱼 might be leaving SHIB.

The large holder (100K – 1M) netflow decreased by 32.29% between August 13 and 14, indicating that whales may be offloading their tokens. This coincides with a net positive SHIB inflow into exchanges to the tune of 48B SHIB ($657,000), per CryptoQuant.

Shiba Inu open interest (OI) over the last 24 hours increased by 3.75%, meaning more SHIB contracts were opened. A side-by-side comparative analysis with the cumulative volume delta (CVD) shows it dropped by 2.2% over the same period. Rising OI accompanied by declining CVD suggests the opening of Short positions, a scenario that often points to bearish sentiment in the market and would explain the bearish sentiment and continued decline of the Shiba Inu price.

Shiba Inu Liquidation Map Shows Bearish Sentiment

A deep analysis of the SHIB Liquidation Map on Coinglass reveals a significant imbalance, with a higher cumulative liquidation of short positions compared to longs. This suggests a bearish sentiment toward Shiba Inu, likely driven by poor network growth and unfavorable general market conditions.

Moreover, the high trading volume around $0.00001358 indicates a key zone of interest for buyers, with demand building around $0.00001327 and supply concentrated near $0.00001387.

Shiba Inu Price Loses Key Support in Technical Analysis

Technical analysis further supports the bearish sentiment among both retail and whale investors, indicating a potential downside for the Shiba Inu price. The price chart reveals a downtrend, with SHIB breaking below the lower boundary of a rising channel, confirming the downtrend.

However, the asset is likely to find support around $0.00001350 and $0.00001100, which could serve as potential rebound zones if the decline persists. Additionally, the narrowing Bollinger Bands suggest low volatility, often a precursor to increased downside pressure.

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