• SHIB trades just above a crucial support level with heavy downside pressure.
• Futures open interest and spot volume show sharp declines in market demand.
• Bears control momentum unless buyers defend support and reclaim key resistance.

Shiba Inu now sits on a fragile level that continues to attract heavy attention from traders. Many holders feel nervous as the chart approaches a clear support area that has held firm several times this year. Futures activity also shows clear weakness, raising fresh concerns around demand. Market sentiment stays fragile as both volume and leverage activity fall. Traders now watch this level closely, waiting for a strong signal in either direction.

Shiba Inu Holds a Key Level as Bears Push Hard

Recent price action shows a sharp drop from the November peak. The chart now hovers near a crucial support zone around $0.0000085. That level held strong on multiple dates, including October 10, November 4, and November 16. That repeated reaction shows strong interest from buyers who refuse to surrender ground. The token has also moved under the 50-day and 200-day exponential moving averages.

Both signals confirm growing downside pressure. A slide under the Ichimoku cloud adds even more bearish sentiment. The Supertrend indicator agrees with that view and reflects a stronger grip from sellers. A descending triangle pattern formed over several months and now pushes the token toward a decision point.

The lower boundary aligns with the same support area that continues to attract attention. Failure to hold that level could trigger a deeper move toward $0.0000058. That target comes from the height of the triangle projected downward from the lower edge. A bounce remains possible if buyers regain control near the support zone.

Futures Activity, Open Interest, and Spot Volume Signal Weak Demand

A major decline in futures open interest confirms fading enthusiasm. Data from multiple exchanges shows a drop to nearly $72 million. That decline looks sharp when compared to the yearly peak around $330 million in July. Many leveraged traders appear cautious after large wipeouts earlier this year. A massive liquidation event on October 11 created lasting damage across crypto markets.

Over $20 billion vanished in a single day. Shiba Inu alone saw more than $6.1 million vanish. Many traders stepped away from heavy risk after that shock. Funding rates remain flat, showing very weak momentum from both sides of the market. Spot activity also reflects a major slowdown. Daily volume fell from over $1.5 billion to roughly $134 million.

That decline supports the view that interest has faded across both short-term and long-term participants. Shiba Inu also faces rivalry from newer meme tokens on Solana. Traders shifted toward fresh narratives and faster traction. That move created additional pressure and helped fuel this long decline. Other meme tokens, along with major altcoins, follow similar bearish patterns.

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