Bears Dominating SHIB Futures Markets
Since August 12, Shibaย Inuย (SHIB) 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 Shibaย Inuย (SHIB) derivatives market indicates that the bears are not backing down. Inverse traders, who profit from sliding asset prices, have earned millions in profits inย theย previous 30ย days and are actively positioning for further gains.
Bears Have Dominated The SHIB Futures Markets Since Mid-August
Regardlessย of Shiba Inuโs price reaching a three- 30ย days 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 hadย moreย than Shorts, indicating a 67% dominance by bears between August 7 and September. This impliesย that inverse traders are entering more short positions in addition to their existing ones.
SHIB Price Prediction: Probable Long Squeeze to $0.000006
Theย present dynamics in the derivatives markets suggest that SHIB inverse traders may push the price below $0.000007. The Worldwide In/Out of the Money (GIOM) data outlines that 82,710 addresses purchased 28.15 trillion SHIB at an average price of $0.000008. If the predicted levelย ofย support caves, the SHIB bears could drive the price down towards $0.000005. Nonetheless, if the price manages to rise over $0.000014, the bulls may attempt to regain control, although the resistance level around $0.000010 poses a wholeย lotย of 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. Theย capacity long squeeze to $0.000006 could lead to a wholeย lotย of fall in price, while a breakthrough over $0.000014 could signal a positiveย trend reversal. Traders should closely monitor these key levels to determine their trading strategies.
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