Shiba Inu Futures Skew Bearish as Over $1.8M in Long Bets Liquidated
Shiba Inu (SHIB) traders are turning cautious after recent market turbulence sent the token to fresh two-month lows.
The long-short ratio in SHIB perpetual futures has dropped to 0.9298, reflecting a tilt toward bearish positions, according to CoinDesk’s AI insights. This drop follows over $1.8 million in liquidated long bets since June 12, as exchanges forced positions to close due to margin calls. In contrast, less than $500,000 worth of short liquidations occurred during the same period.
Market data reveals a 2.14% decline in SHIB derivatives open interest to $145.33 million over the past 24 hours. Meanwhile, long liquidations surged to $244,000, significantly exceeding the $57,000 in short liquidations.
On spot markets, SHIB has declined nearly 10%, trading at $0.00001164, though a slight rebound from Tuesday’s low of $0.00001134 is sparking some optimism.
Technical Signals:
- SHIB remains above the crucial $0.00001100 support, hinting at possible trend stabilization.
- A bullish divergence in the daily RSI and an approaching MACD crossover may target a move toward $0.00001390.
- Trading volumes suggest buyer interest is emerging around the $0.00001170 level.
- Hourly RSI readings show oversold conditions, opening the door for a potential bounce if support at $0.00001168 holds.
