A recent downturn in the value of Shiba Inu (SHIB) has attracted significant attention in the cryptocurrency market. This drop marks its lowest point in two months and has triggered a wave of liquidations in the futures market.
Changes in Liquidations
The SHIB futures market revealed a notable drop in the ratio of long positions to short ones; the ratio currently stands at 0.93, indicating heightened investor wariness. Over $1.8 million in long positions evaporated during the recent dip, while short positions saw less than $500,000 in liquidations.
Technical Aspects Affecting SHIB's Price
SHIB's value has decreased by 10% since mid-June, settling at $0.00001164. However, some immediate signs of a rebound are visible on the short-term charts. Key technical indicators show a resilient support level at $0.00001100, hinting at potential price reversals.
Impact of Sentiment on Support Levels
SHIB's latest closing figure at $0.00001170, along with trading volume exceeding the average, underscores ongoing buyer interest. The oversold conditions depicted in hourly RSI readings suggest possible short-term recovery is on the horizon. The maintenance of the $0.00001168 support is crucial for anticipated market recoveries.
Shiba Inu's declining price trajectory has led to investor caution, as evidenced by swift closures of long positions and technical market signals. However, maintaining key support levels may foster conditions favorable for potential upward movements.
