Shiba Inu Sees $16.7 Billion Outflow from Futures Market, Can It Prevent Further Decline?

▲ Shiba Inu (SHIB)/Source: @Shibtoken Twitter

Shiba Inu (SHIB) is struggling to reclaim the $0.0000070 level amid massive capital outflows from the futures market and mounting technical resistance.

According to cryptocurrency media outlet The Crypto Basic on February 24 (local time), Shiba Inu is trading near $0.00000593, down 2.5% over the past 24 hours. While it has shown relative resilience compared to major assets like Bitcoin (BTC) and Ethereum (ETH), it remains in a downtrend in dollar terms, having fallen 9.2% over the past week and 23.7% over the past month. In particular, continued technical pressure is evident as it has failed to break through the short-term resistance level around $0.0000062.

Futures market data, a key indicator for price outlook, reflects investors’ cautious stance. Over the past 24 hours, approximately $601,020 in net outflows occurred in the Shiba Inu futures market, and when extended to three days, total outflows reach $1.67 million. Although small inflows have been observed in shorter time frames, outflows widen over longer time frames, indicating a lack of long-term buying conviction.

Technical indicators are also signaling weakness. The Stochastic RSI is trending downward, suggesting weakening buying momentum, while the MACD is attempting to cross below the signal line, reinforcing a bearish market atmosphere. After confirming resistance near $0.0000065, the price has slid back to the $0.0000058–$0.0000059 support range, further dimming prospects for a near-term rebound.

To reverse its short-term downtrend, Shiba Inu must urgently reclaim and stabilize above the $0.0000070 level, which served as an interim resistance in early February. If the current support level breaks down, losses could deepen, and unless futures market outflows subside, it may be difficult to secure the momentum needed for a recovery. Shiba Inu is currently undergoing a painful process of searching for a bottom amid macroeconomic uncertainty and persistent selling pressure in the futures market.

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