A key indicator is the flashing red Shiba INU (SHIB), as the recent price drop to two-month lows has shocked the bullish bets of leverage.
The indicators considered are the long-term ratios derived from the permanent futures market. It measures the number of active desires or bullish bets relative to shorts, thus providing clues to market sentiment.
According to Coindesk’s AI Insights, the ratio has dropped to 0.9298, indicating a bearish feeling among traders. According to data source Coinglass, this is after a forced closure or liquidation length of more than $1.8 million since June 12. Due to short profit margins, the exchange cleared its positions. During this period, the squeezed shorts were worth less than $500,000.
The derivatives market has shown increasing caution over the past 24 hours, with open interest falling 2.14% to $145.33 million, with long-term liquidation soaring to $244,000, compared with only $57,000 in a brief liquidation.
Data source Coindesk said Shib’s price has fallen 10% since June 12 to $0.00001164. Secondary earnings from Tuesday’s two-month low of 0.00001134 provide bullish tips for the short-term price chart.
Key AI Insights
- Shib continues to support levels above $0.00001100, indicating a potential trend reversal.
- Technical analysis shows that the bullish difference in the daily RSI is small, with the MACD and signal lines approaching a bullish crossover that can push SHIB toward a 23.60% Fibonacci level of $0.00001390.
- Above average quantities confirm buyer interest, closing at $0.00001170, suggesting stability above key support.
- The hourly RSI represents too many conditions, and if the support level holds $0.00001168, a technical rebound is possible.
