Shiba Inu faces bearish momentum with long positions mostly liquidated, and testing key support and resistance.
Shiba Inu (SHIB) has been facing some downward pressure, with a 1.7% decrease in the last 24 hours, trading at $0.000007251. SHIB fluctuated between $0.00000719 and $0.00000739 during the day, reflecting a bearish sentiment as the price moved toward the lower range.
This decline suggests that selling pressure is dominating in the short term, as the market struggles to maintain momentum above the $0.0000073 resistance level.
Looking at the longer-term performance, Shiba Inu has lost 11.3% in the past week and 14.6% in the last 14 days, highlighting a broader downtrend in recent weeks. Despite active market participation, with a 24-hour trading volume of $97 million, Shiba Inu has failed to gain significant support above key levels. Traders will be watching for potential support at $0.715 to prevent further declines.
Can Shiba Inu Break its Key Resistance?
A chart from TradingView shows Shiba Inu with key Fibonacci retracement levels, indicating possible support and resistance areas. Currently, the Fibonacci retracement levels suggest key support at 1.618 ($0.00000635) and next potential resistance at 1 level ($0.00000756).
Looking at the Chande Momentum Oscillator (ChandeMO), which is currently at -53.79, there is a clear bearish momentum in the market. This negative reading suggests that downward pressure is present, and if Shiba Inu breaks below the $0.00000635 support, it could lead to further declines, potentially targeting the $0.0000044 region.
On the other hand, if the price successfully breaks above the $0.00000756 resistance, it could indicate a potential bullish reversal, aiming for higher levels around $0.00000797 and beyond.
Long SHIB Positions Suffer the Most
Elsewhere, on the futures side, the liquidation data for SHIB shows more pressure on long positions across various timeframes.
The 4-hour data reveals such a trend, with $695.30 in long positions liquidated and $98.20 in short positions, showing that the short-term market fluctuations have resulted in more liquidations for buyers than sellers although at a low level. This pattern continues over the 12-hour period, where a substantial $13.71K in liquidations occurred, with $12.42K coming from long positions.
Looking at the 24-hour liquidation data, the figures further highlight the market’s struggle for long traders, with a total of $74.36K liquidated, and $71.34K from long positions compared to $3.02K from short positions.
This indicates a persistent downward trend in Shiba Inu’s market, as long positions are consistently being squeezed out while short positions face less liquidation pressure.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
