Key Insights
- •SHIB recorded $10.5 million in futures outflows, significantly surpassing the $8.8 million in inflows within 24 hours.
- •The price of Shiba Inu rose by 2.45% after a two-day drop, reaching $0.000008567 amid rising trading volume.
- •Short-term resistance is placed at $0.00001017, with traders eyeing the MA 50 level to sustain upward movement.
A total of 1,235,294,117,647 SHIB tokens, valued at approximately $10.5 million, have been withdrawn from Shiba Inu futures contracts in the past 24 hours. This marks a notable shift in the asset's futures market, with the outflow figure surpassing inflows, which stood at $8.8 million.
Data highlights that this imbalance in capital movement may indicate that traders are cutting back exposure to SHIB. The futures flow metric serves as a barometer for investor confidence, and a higher outflow suggests that participants may be de-risking their positions amid current market volatility.
SHIB Price Records Modest Recovery
Following the decline, Shiba Inu saw a 2.45% price increase within the same 24-hour period. The token rose from a recent low of $0.00000815 to trade at $0.000008567 at the time of reporting. Meanwhile, trading volume rose by 4.39% to reach $94.53 million, reflecting increased investor activity.
Market participants are closely monitoring resistance at $0.00001017 and the daily MA 50 at $0.00001084. These levels could play a crucial role in determining whether SHIB can gain enough momentum to target $0.000015 over a longer timeframe.
Death Cross Emerges on Hourly Chart
Technical indicators show a bearish signal as Shiba Inu completed another hourly death cross. The hourly MA 50 dropped below the MA 20, suggesting potential for short-term downside pressure if momentum fails to hold.
In the event of a pullback, support is expected at $0.0000081, which coincides with the daily MA 50 level. If breached, the next level of support lies at $0.00000732. Price action may continue to mirror broader market trends, particularly movements in Bitcoin.
Momentum indicators such as the RSI suggest range-bound movement may follow. With futures outflows intensifying and technical patterns shifting, market watchers remain focused on upcoming resistance levels and potential trend confirmations.