SHIB Derivatives Market: $1.8M in Bullish Bets Liquidated, Market Sentiment Shifts to Bearish
The recent price drop of Shiba Inu (SHIB) to two-month lows has caused a significant shift in market sentiment, as indicated by the long-short ratio in the perpetual futures market. The ratio has dropped to 0.9298, indicating that traders are more bearish than bullish. This is due to the forced closure or liquidation of long positions worth over $1.8 million since June 12, according to data from Coinglass. During this period, the dollar value of the shorts squeezed out is less than $500,000.
The derivatives market has exhibited growing caution over the past 24 hours, with open interest decreasing by 2.14% to $145.33 million and long liquidations surging to $244,000, compared to just $57,000 in short liquidations. SHIB's price has dropped by 10% to $0.00001164 since June 12, according to data from CoinDesk. However, the minor recovery from Tuesday's two-month low of $0.00001134 is providing bullish hints on short-duration price charts.
Despite the bearish sentiment, SHIB continues to hold support above the critical $0.00001100 level, indicating a potential trend reversal. Technical analysis reveals a minor bullish divergence in the daily RSI, with MACD and signal lines approaching a bullish crossover that could propel SHIB toward the 23.60% Fibonacci level at $0.00001390. Above-average volume confirmed buyer interest with the closing price of $0.00001170, suggesting stabilization above critical support. Hourly RSI indicates oversold conditions, potentially setting up for a technical bounce if the $0.00001168 support level holds.
In summary, while SHIB's recent price drop has caused a shift in market sentiment to bearish, technical analysis and volume data suggest that there is still potential for a trend reversal and a bounce in the near future. Traders should keep a close eye on support and resistance levels and be prepared for potential volatility in the coming days.
[Image: A chart showing the price movement of SHIB over the past few months with a focus on the recent drop and potential bounce.]
The liquidation of $1.8M in bullish bets from the SHIB Derivatives Market last week significantly shifted market sentiment towards bearishness, indicating a cautious and more uncertain outlook for investors.
The recent liquidation of bullish bets worth $1.8M in the SHIB Derivatives Market signals a reversal from optimistic sentiments to bear market conditions amidst growing caution among investors and traders.
The recent $1.8M liquidation of bullish bets in the SHIB Derivatives Market marks a significant shift towards bearish sentiment, signaling potential for further market downturn.
The recent liquidation of bullish bets worth $1.8M on the SHIB derivatives market underscores a shift in market sentiment from optimism to pessim主义, likely indicating increased risk-aversion among traders.
The influx of bearish sentiment, triggered by the liquidation worth $1.8M in bullish bets on SHIB derivatives markets highlights a shift from optimistic to more cautious trading strategies amidst intensifying market volatility and uncertain crypto conditions."
An analysis of $1.8M worth Bullish Bets liquidated from the SHIB Derivatives Market indicates a notable shift in market sentiment toward Bearish, potentially anticipating upcoming price corrections.
The recent liquidation of bullish bets worth $1.8M in the SHIB Derivatives Market indicates a shift from optimistic to bear-friendly market sentiment, highlighting traders' shifting strategies alongside price movements.
The liquidation of over $1.8 million in bullish bets from the SHIB Derivatives Market marked a significant shift towards bear sentiment, highlighting evolving market mood as traders weigh their positions amidst recent volatility.
The sudden liquidation of $1.8M worth bullish bets in the SHIB derivatives market marks a shift from optimism to caution, as traders reassess their positions amidst evolving trading dynamics.
The sudden liquidation of $1.8 million in bullish bets on the SHIB derivatives market has shifted sentiment from optimism to caution, highlighting a renewed focus among traders and investors amidst volatile conditions.
The sudden liquidation of bullish bets worth $1.8M from the SHIB Derivatives Market reveals a shift in market sentiment towards bearism, indicating potential for price correction or consolidated trading.
The recent liquidation of bullish bets valued at $1.8M in the SHIB derivatives market indicates a shift from enthusiastic buyers to cautious sellers, reflecting evolving bearist sentiment amidst volatile trading conditions.
The liquidation of $1.8M in bullish bets on the SHIB Derivatives Market marks a significant shift from optimism to caution, reflecting evolving investor sentiment amidst market volatility.
The liquidation of $1.8M in bullish bets within the SHIB derivatives market has marked a significant shift from optimistic to bearish sentiment, suggesting an increased vigilance for traders amidst recent developments.
