I noticed that Shiba Inu coin is currently in a deep downtrend. The negative funding rate continues to signal that short traders dominate the derivatives market. I saw on the chart that SHIB is hovering around $0.000005323, slightly up but not really holding resistance. In the past 24 hours, it has decreased by 1.60%, so sentiment is somewhat bearish.

I looked at the daily structure and the lower highs and lower lows are clear. There is still support at $0.00000508, but resistance at $0.00000726 is solid and unbreakable. The Aroon Oscillator is deeply negative at 71, meaning bearish control is still strong. The Awesome Oscillator is below the zero line with red bars, so downside momentum is still present.

The futures volume is $201M compared to $37.4M spot volume, so there is more action on the derivatives side. The market cap of Shiba Inu coin has reached $3.64B. Personally, I see that the trend remains vulnerable to further decline if resistance levels are not broken. The green bursts in the funding rate are temporary, not enough to shift the narrative. As long as the setup remains bearish, traders will stay defensive.