SHIB Futures Long-Short Ratio Plunges As Price Hits 2-Month Low

HomeNews* Shiba Inu’s (SHIB) long-short ratio in the perpetual futures market has dropped to 0.93, reflecting bearish trader sentiment.

• More than $1.8 million of long positions have been liquidated since June 12 due to recent price declines.
• Open interest in SHIB futures fell by 2.14% to $145.33 million in the past 24 hours, while long liquidations surged to $244,000.
• Despite a recent 10% price drop, SHIB is holding support above the $0.00001100 level, signaling possible stability.
• Technical indicators suggest a minor bullish divergence, with rising trading volumes and oversold conditions potentially setting up for a recovery. Shiba Inu (SHIB) experienced a notable shift in market sentiment as its long-short ratio in the perpetual futures market fell to 0.9298. This decrease indicates that traders currently hold more bearish positions relative to bullish ones following a sharp price decline to a two-month low.

• Advertisement - Liquidations in the SHIB market have totaled over $1.8 million in long positions since June 12, according to data provider Coinglass. In comparison, less than $500,000 in short positions were closed out during the same period. Over the past 24 hours, open interest—the total value of outstanding derivatives contracts—declined by 2.14% to $145.33 million. Meanwhile, long liquidations reached $244,000, surpassing the $57,000 in short liquidations.

The price of SHIB dropped 10% to $0.00001164 since June 12. However, the token continues to hold support above the $0.00001100 level, which analysts view as critical for the current market structure. The recent minor bounce from Tuesday’s low of $0.00001134 provides further evidence of possible stability, according to CoinDesk’s AI-driven insights.

Key technical signals offer a slightly optimistic view. Daily charts show a minor bullish divergence in the Relative Strength Index (RSI), and the Moving Average Convergence Divergence (MACD) indicator approaches a bullish crossover—a possible sign of upward momentum. Above-average trading volume at a closing price of $0.00001170 suggests strong buyer interest and support at current levels.

Short-term charts indicate oversold conditions in SHIB, which could prompt a technical rebound if the token holds above $0.00001168 support. Analysts point to the 23.60% Fibonacci retracement level at $0.00001390 as a potential target if momentum shifts in favor of buyers.

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