Shiba Inu Price at Crossroads as 7 Trillion SHIB Orders Hang in the Balance 

Key Insights:

• Shiba Inu (SHIB) price briefly broke above $0.000011 on Thursday, Jan. 11 in the aftermath of the Spot Bitcoin ETF approval.
• SHIB trading data shows longer bottom wick candlesticks in each of the last 3 consecutive days, signaling mounting bearish pressure. 
• The bears currently have active sell orders for 6.8 trillion SHIB listed across 15 major crypto exchanges. 

Shiba Inu (SHIB) price is currently hovering around $0.000097 at press time on Sat. Jan 13, down 10% from the weekly top recorded on Thursday. On-chain data suggests that after 3 consecutive days on the back foot, the bears are still mounting selling pressure.

Do the Shiba Inu bulls have enough in the tank to defend the $0.00008 price level? 

Bearish Traders Mount 7 trillion SHIB Sell Orders 

Shiba Inu price broke above $0.000011 on Thursday, as the bulls capitalized on the bullish tailwinds from the Spot Bitcoin ETF approval. However the bulls have failed to sustain buying pressure, resulting in a sharp correction toward $0.00009 on Saturday morning. 

On-chain data trends suggest that the bears have mounted additional selling pressure which could further exacerbate the SHIB price downtrend. 

IntoTheBlock’s Aggregate Exchange Order books chart sums up all trading orders listed for a particular cryptocurrency across various exchanges. As things stand, the bears have listed active orders to sell 6.8 trillion SHIB. This far exceeds the active buy orders of 5.18 trillion SHIB as depicted in the chart below. 

The chart above clearly shows that Shiba Inu sell orders currently exceed buy orders by 1.62 trillion SHIB affirms the stance that SHIB bears have seized control of the market. Intuitively, when there is a shortfall of market demand compared to supply, the asset price is at risk of an accelerated downward movement. 

SHIB Price Prediction: Can the Bulls Defend $0.00008?

From an on-chain perspective, Shiba Inu is currently facing massive bearish headwinds.  Without a material market event to spur market demand, SHIB holders can anticipate further price downside toward $0.00008 in the days ahead. 

Some key technical analysis indicators also affirm this bearish Shiba Inu price prediction. Firstly, SHIB’s last three daily candles have ended with a longer lower wick, signaling a prolonged period of mounting bearish pressure.

Furthermore, the Parabolic SAR dots are pointing toward the 0.00084, which is far below the current price of $0.000097. When this pattern forms, it indicates a dominant bearish momentum. 

In effect, SHIB price looks set for a reversal below the $0.000009 area in the coming days. 

On the upside, the bulls can negate this bearish SHIB price forecast if they can force a move above $0.000011. But in that case the SHIB bears can form a daunting sell-wall around the 20-day MA price of $0.00001.