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Shiba Inu price eased on Tuesday after last week’s breakout, as weaker derivatives data slowed the meme coin’s upside move. SHIB traded near $0.0000065 after moving above a 58-day consolidation range. However, exchange outflows and a supportive daily chart kept traders watching for another recovery attempt.
Shiba Inu traded lower on Tuesday, despite holding above the upper end of its consolidation range. The token recently broke above $0.0000063 after weeks of sideways trading, but buyers have not yet pushed the price above the next resistance area.
Derivatives data showed weaker trader confidence. CoinGlass data indicated SHIB’s long-to-short ratio at 0.59 on Tuesday, near its lowest level in more than a month. A reading below 1 shows that short positions outnumber long positions. Therefore, more traders were betting on a price decline.
Funding rates also moved into negative territory. SHIB’s OI-weighted funding rate stood at -0.0061% on Tuesday. Negative funding often shows that traders holding short positions have more control in perpetual futures markets. However, it does not always point to a lasting downtrend.
SHIB found support near the 100-day exponential moving average at $0.0000064 on Monday. The token traded close to this level on Tuesday, keeping its breakout structure in focus. If buyers defend the area, SHIB could move toward weekly resistance near $0.0000068.
The daily Relative Strength Index stood at 61, above the neutral 50 level but below overbought territory. This showed that bullish momentum remained active. In addition, the MACD indicator showed green histogram bars on the daily chart.
A drop below $0.0000064 could weaken the current setup. In this case, the former consolidation ceiling near $0.0000063 may act as support. Traders are watching this zone because a break below it could erase part of last week’s breakout move.
Shiba Inu’s exchange supply also moved lower. Data shared by the SHIB team showed that more than 374 billion SHIB left exchanges over seven days. After the withdrawals, exchange reserves fell to about 82.31 trillion SHIB, their lowest level in 2026.
Lower exchange reserves often show that holders are moving tokens to private wallets. This can reduce the amount of SHIB available for selling on trading platforms. Still, exchange outflows do not guarantee a price rise, since Bitcoin direction, liquidity, and market risk still guide meme coin trading.
The largest transfer came on May 10. A whale moved 134 billion SHIB from Binance to a private wallet. Such movements are often tracked by traders, although wallet transfers alone do not confirm future buying plans.
Market commentator LuckSide Crypto questioned recent warnings aimed at new Shiba Inu investors. He said the warnings focused too much on volatility and speculative trading while giving less attention to holder growth and falling exchange balances.
LuckSide also said the concern around ambitious SHIB price targets was not unique to the meme coin market. “Speculative price expectations exist across the wider crypto market,” he said, adding that similar behavior appears in other communities.
However, he also warned that SHIB remains exposed to broader market swings. “CPI data and CLARITY Act markup may increase crypto volatility,” he said. For now, traders remain focused on SHIB’s support and resistance levels.
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