Bears Dominating SHIB Futures Markets
Since August 12, Shiba Inu (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 Shiba Inu (SHIB) derivatives market indicates that the bears are not backing down. Inverse traders, who profit from sliding asset prices, have earned millions in profits in the previous 30 days and are actively positioning for further gains.
Bears Have Dominated The SHIB Futures Markets Since Mid-August
Regardless of Shiba Inu’s price reaching a three- 30 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 had more than Shorts, indicating a 67% dominance by bears between August 7 and September. This implies that inverse traders are entering more short positions in addition to their existing ones.
SHIB Price Prediction: Probable Long Squeeze to $0.000006
The 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 level of 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 whole lot of obstacle.
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 capacity long squeeze to $0.000006 could lead to a whole lot of fall in price, while a breakthrough over $0.000014 could signal a positive trend reversal. Traders should closely monitor these key levels to determine their trading strategies.
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