Shiba Inu’s 17% Surge: Why Traders Expect a Drop
Release: 2024/07/17 21:06 Reading: 975
SHIBA INU (SHIB) Market Update
Over the last week, SHIBA INU (SHIB) has shown a notable recovery, with a 2% rise in value over the past 24 hours. However, traders anticipate a potential decline in price.
Market Cap and Trading Volume
SHIB ranks as the 12th largest cryptocurrency with a market capitalization of $11.4 billion, making it the second-largest meme coin. Despite this, its daily trading volume has dropped by 27% to approximately $500 million.
Whale Activity and Price Volatility
Data from Santiment reveals a surge in whale transactions involving significant sums of SHIB. The number of transactions exceeding $100,000 worth of SHIB has increased by 121% in recent times.
This decline in trading volume alongside increased whale activity suggests SHIB may experience high price volatility due to the influence of large whale movements and possible price manipulation.
Market Data and Indicators
Total open interest for SHIB has decreased from $59.6 million to $57.1 million over the past day. Sentiment reports that funding rates have dipped below zero to -0.003%.
Bearish Expectations
Currently, short-position holders outnumber long-position traders, reflecting expectations of a price decline. An upward movement of over 5% could trigger approximately $2.5 million in liquidations for SHIB.
Relative Strength Index (RSI)
The SHIB RSI currently stands at 61, indicating the meme coin may be slightly overbought. A drop in RSI to 50 or below could potentially shift SHIB back into a bullish zone.
Disclaimer: This article is for informational purposes only and should not be construed as financial advice.
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