• Shiba Inu [SHIB] has been bearish since late February and has recently formed a range between $0.00000703 to $0.00000785.
• The bullish order block that was formed on 20 June continued to serve as a region of support, but the bulls faced rejection when they tested the highs of the range.
• Open Interest fell when SHIB faced rejection from near the local highs, suggesting that sentiment toward the meme coin is not overly bullish.
Shiba Inu’s Bearish Market Structure
The market structure of Shiba Inu has been bearish on the higher timeframe charts since late February. The short-term bullish momentum over the weekend has already begun to falter, and Dogecoin [DOGE] still sits as first in terms of market cap for meme coins according to CoinMarketCap.
Bullish Order Block Acting As Support
On 20 June a bullish order block was formed on the 4-hour chart, highlighted by a cyan box, which has continued to serve as an area of support for SHIB bulls. Since then a range between $0.00000703 and $0.00000785 has been established and tested several times over the past two weeks before finally facing rejection from near its highs on 9 July.
Open Interest Showing Bearish Sentiment
On 8 July whale transactions boosted SHIB prices with more than $10 million entering into the crypto market however this momentum could not be sustained and sellers took back control soon after pushing prices down towards mid-range levels once again. The OBV also oscillated without any clear direction while RSI showed similarly contradicting signals suggesting that both buyers and sellers were pushing around in equal measure inside this range making it difficult to determine overall sentiment towards Shiba Inu . Finally when it faced resistance from near its highs, Open Interest began to fall indicating that longs had become discouraged resulting in bearish sentiment overall .
Funding Rate Remained Bullish
Despite these bearish indications, funding rate did remain positive showing that majority of traders were not shorting SHIB at this time suggesting some sort of underlying buying pressure for prices .
In conclusion , despite recent short-term rallies there is no clear indication yet whether or not Shiba Inu will break out above its current range anytime soon as both buyers and sellers seem evenly matched at present with bears dominating higher timeframe structures .