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Shiba Inu (SHIB), a popular altcoin in the cryptocurrency market, has recently caught attention due to a substantial price drop. This decline has lowered SHIB’s value to its lowest point in two months, resulting in the liquidation of long positions in the futures market. The long-to-short ratio indicator, which assesses market trends, suggests that investors are becoming more cautious under the current conditions.
Increase in Liquidations and Investor Behavior
Data indicates that the ratio of open long (bullish) positions to short (bearish) positions in SHIB futures has significantly decreased. The long-to-short ratio has dropped to 0.93, highlighting a cautious stance among investors regarding SHIB. During the recent price drop, over $1.8 million in long positions were closed, while the liquidated short positions remained below $500,000. Experts highlight that this data reflects an increased perception of risk in the current market.
According to CoinGlass data, open interest in derivative markets decreased by 2.14% within the last 24 hours, dropping to $145 million. Additionally, the forced closure of long positions rose to $244,000, while short position liquidations amounted to approximately $57,000. This indicates that losses in short positions are relatively limited.
Technical Factors Impacting Price
The price of SHIB has fallen by 10% since June 12, reaching $0.00001164. Despite this sharp decline, minor recovery signs have been observed in short-term charts. Certain technical indicators show that SHIB has maintained its critical support level at $0.00001100, suggesting potential reversal signs.
AI-assisted analyses point to a slight recovery in the daily RSI indicator. Additionally, there is a potential positive crossover among the MACD and signal lines. If these technical signals are confirmed, the SHIB price could target the Fibonacci 23.60% level of $0.00001390.
Market Sentiment and Support Levels
The recent closing price at $0.00001170, accompanied by volume surpassing the average, indicates sustained interest from buyers. The oversold condition observed in hourly RSI data suggests a technical bounce potential. As long as the support level around $0.00001168 is maintained, a short-term market recovery might be anticipated.
Some market experts emphasize the importance of maintaining current support levels. Should SHIB’s price stabilize, investor confidence could increase. Nonetheless, general market caution persists, with uncertainty influencing investor behavior.
Market developments and technical analysis signals collectively suggest that short-term investment decisions should consider risks. The future price movements of SHIB are expected to hinge on its ability to remain above critical support levels.
The recent price dip in Shiba Inu (SHIB) has fostered a cautious atmosphere among investors. The rapid closure of long positions and short-term technical indicators highlight ongoing market uncertainties. Still, purchases at critical support levels and signs of technical recovery could pave the way for price stability and upward attempts.
