Shiba Inu exhibits bearish pressure, marked by a decline in price, as it faces key support levels and a significant liquidation of long positions.
Shiba Inu has seen a notable decline in recent hours, with the price dropping to $0.000007523, a 3.0% decrease over the past 24 hours. The meme coin’s daily trading range has fluctuated between $0.000007425 and $0.000008011, signaling the market’s current volatility.
With a market cap of $4.43 billion and a 24-hour trading volume of approximately $130.38 million, Shiba Inu continues to maintain a substantial presence in the market despite these short-term challenges. Over the past seven days, the price has experienced a 9.3% drop, marking a period of continued consolidation.
Looking at the broader picture, Shiba Inu has faced a 14-day decline of 14.8%, underscoring the asset’s struggle during this market cycle. Traders are wondering whether the token will regain upward momentum or continue its downward trajectory based on its current price action and market sentiment.
Shiba Inu Price Prediction
Notably, Shiba Inu is showing clear technical signs of bearish pressure as indicated by its Fibonacci retracement levels. SHIB has recently dropped to the Fib 1 level, considered a critical support zone. If the price continues to fall below this level, the next target may be the 1.618 extension level, located near $0.00000635, which could further fuel the downward movement.
Additionally, the Relative Strength Index (RSI) is currently sitting at 34.48, suggesting that the market is leaning towards oversold conditions. Hence, it indicates a potential for price stabilization or reversal if buyers step in at these levels.
If the trend flips upward, the immediate resistance for Shiba Inu sits around the 0.786 Fibonacci level near $0.00000797, where the price has previously faced rejection. A strong move above this resistance could signal a potential recovery toward the higher retracement levels, such as 0.618 at $0.00000830.
Shiba Inu Liquidation Data
Meanwhile, the liquidation data for Shiba Inu reveals significant volatility in the market, with various time frames showing varying levels of liquidation. Over the past 24 hours, Shiba Inu has seen a total liquidation of $181.32K.
Traders betting on the price rise were forced out of their positions, with a substantial $171.94K coming from long positions as the price fell. Short positions, however, have seen a much lower liquidation value of $9.37K, suggesting a much smaller amount of forced liquidation from those betting on further downside.
Looking at the shorter time frames, the 1-hour and 4-hour liquidations show smaller amounts. Notably, $11.30 was liquidated from shorts in the last hour. This indicates that while short-term volatility has caused some liquidation, it hasn’t been as severe as in the longer time frames.
The 12-hour liquidation data shows $26.60K in total, with $24.46K from long positions and $2.14K from shorts, further emphasizing the dominance of liquidations from long positions in this recent period.
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