Bears Dominating SHIB Futures Markets
Since August 12, Shiba Inu Inverse Strategy traders have been experiencing a rare winning streak as the price of SHIB hit a local top of $0.00001. Data from the Shiba Inu derivatives market indicates that the bears are not backing down. Inverse traders, who profit from falling asset prices, have earned millions in profits over the past month and are actively positioning for further gains.
Bears Have Dominated The SHIB Futures Markets Since Mid-August
Despite Shiba Inu’s price reaching a three-month peak on August 12, inverse traders have been consistently winning, according to data from Coinglass. In the past 30 trading days, there have been 20 days where the number of Long positions liquidated exceeded Shorts, indicating a 67% dominance by bears between August 7 and September. This suggests that inverse traders are entering more short positions in addition to their existing ones.
SHIB Price Prediction: Potential Long Squeeze to $0.000006
The current dynamics in the derivatives markets suggest that SHIB inverse traders may push the price below $0.000007. The Global In/Out of the Money (GIOM) data reveals that 82,710 addresses bought 28.15 trillion SHIB at an average price of $0.000008. If the predicted support level caves, the SHIB bears could drive the price down towards $0.000005. However, if the price manages to rise above $0.000014, the bulls may attempt to regain control, although the resistance level around $0.000010 poses a significant obstacle.
Hot Take
The dominance of bears in the SHIB futures markets indicates a strong downward pressure on the price. Inverse traders are actively positioning for further gains, suggesting that they are confident in their strategy. The potential long squeeze to $0.000006 could lead to a significant drop in price, while a breakthrough above $0.000014 could signal a bullish reversal. Traders should closely monitor these key levels to determine their trading strategies.
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