Shiba Inu: 59% of traders are bearish, but a reversal is possible IF...

Tech

Shiba Inu: 59% of traders are bearish, but a reversal is possible IF…

At the time of writing, traders leaned heavily bearish, as per Coinglass data.

SHIBs Long/Short Ratio sat at 0.69—well below 1, implying more shorts than longs. In fact, 59.17% of top traders held shorts, while only 40.83% were long.

Source: Coinglass

On top of that, whale activity dwindled. IntoTheBlock showed a 50% drop in $1M–$10M SHIB transactions over the past three months.

Naturally, this sharp falloff from institutional players added to the selling pressure.

Source: IntoTheBlock

Source: Coinglass

Despite the inflows, SHIB ticked up by 2.30% in 24 hours, trading near $0.00000119. Notably, trading volume also rose by 15%, signaling increased market participation.

Shiba Inus price action and upcoming level

Source: TradingView

If SHIBs price continues to rise and breaks out of the descending channel, it could surge 20%, reaching $0.00000152 in the coming days.

Conversely, if bullish momentum weakens due to bearish on-chain metrics, history may repeat itself. In that case, SHIB could drop 14%, falling to $0.00000109.

The next move depends on whether buyers can sustain momentum or if selling pressure takes over.