SHIB Long-Short Ratio Drops to 0.9298 Amid $1.8M Liquidations
A key indicator for shiba inu (SHIB) has turned bearish as the price dropped to two-month lows, affecting leveraged bullish positions.
The long-short ratio from the perpetual futures market fell to 0.9298, signaling bearish sentiment among traders. Over $1.8 million in long positions were liquidated since June 12 due to margin issues, while shorts liquidated amounted to less than $500,000.
In the last 24 hours, the derivatives market showed caution with open interest decreasing by 2.14% to $145.33 million and long liquidations rising to $244,000, compared to short liquidations of $57,000.
SHIB's price decreased by 10% to $0.00001164 since June 12, with a minor recovery from a low of $0.00001134 suggesting potential bullish signals on short-duration charts.
Key Insights
- SHIB maintains support above $0.00001100, indicating a possible trend reversal.
- Technical analysis shows a minor bullish divergence in the daily RSI, with MACD nearing a bullish crossover, targeting the 23.60% Fibonacci level at $0.00001390.
- Above-average volume and a closing price of $0.00001170 suggest stabilization above critical support.
- Hourly RSI reflects oversold conditions, indicating a potential technical bounce if support at $0.00001168 holds.