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Shiba Inu's Short-Term Bullish Momentum Falters as Market Structure Remains Bearish

The writer's opinion is presented and it is not financial, investment, trading, or other types of advice. Shiba Inu's market structure is bearish on higher timeframe charts and the short-term bullish momentum has already started to falter. Shiba Inu is the second-largest meme coin by market cap, with Dogecoin in first place and Pepe in third.

Despite a recent 10.5% gain, higher timeframe price charts show that the coin lacks a bullish market structure and the bears have been in control since late February. The Open Interest surge over the weekend began to falter as SHIB faced rejection from near the range highs on Sunday, 9 July, showing discouraged longs.

Dogecoin Dogecoin $0.17
-3.48%
Shiba Inu
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