A key indicator flashes red for Shiba Inu (SHIB) as the recent price drop for two-month lows has shaken geared bullish bets.
The indicator that is considered is the long short relationship that originates from the market for eternal futures. It measures the number of active along or bullish bets compared to shorts that give signals of market mood.
The ratio has dropped to 0.9298, indicating Bearish atmosphere among dealers, according to Coindesk’s AI insight. This follows forced closure or liquidation of long positions worth over $ 1.8 million since June 12, according to Data Source Coinglass. Exchanges liquidation positions due to margin deficiency. The dollar value of shorts squeezed out during this period is less than $ 500,000.
Over the last 24 hours, the derivative market has expelled caution, with open interest rates falling by 2.14% to $ 145.33 million and long liquidations rose to $ 244,000 compared to just $ 57,000 in short liquidations.
Shib’s price has fallen by 10% to $ 0.00001164 since June 12, according to Data Source Coindesk. The minor recovery from Tuesday’s two-month low at $ 0.00001134 delivers bullish tips on price diagrams for short-term.
Key AI insight
- Shib continues to have support over the critical level $ 0.00001100, 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 drive Shib against 23.60% Fibonacci level of $ 0.00001390.
- Over-average volume confirmed the buyer interest with the closing price of $ 0.00001170, suggesting stabilization over critical support.
- Time RSI indicates oversold conditions that potentially create a technical rejection if $ 0.00001168 support level contains.
