SHIB Drops 3%, Faces Uncertainty Amid Whale Activity
– Shiba Inu (SHIB) saw a 3% decline over the past 24 hours, but remains up 26% over the last 30 days.
– The derivatives market shows increasing uncertainty, leading to a decrease in open positions and a drop in funding rates.
– Traders may close their positions to minimize losses, which could put further short-term pressure on the SHIB price.
SHIB Derivatives: Traders Leaving the Market
In recent days, sentiment in the Shiba Inu (SHIB) market has significantly shifted. On October 21, SHIB outflows from derivatives exchanges reached their highest level in two weeks. This suggests that many traders are closing their positions to avoid liquidations. According to Coinglass, open interest fell from USD 60 million to USD 55 million, indicating growing uncertainty in the market.
This development may have caused a so-called “long squeeze,” where traders betting on rising prices are forced to close their positions, further driving down the price.
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Funding Rates and Outflows: A Sign of Deleveraging?
On October 21, Shiba Inu’s funding rate reached 0.0207%, the highest level since June. This shows that many traders were betting on rising prices. However, since then, the funding rate has dropped sharply and currently sits at 0.0046%. This decline, along with the high outflows from derivatives exchanges, suggests that many traders are unwinding their long positions. This “deleveraging” could put further pressure on the SHIB price in the near future, as long traders become sellers.
Shiba Inu Price Analysis: Risk of a Downtrend
Shiba Inu is currently moving within an ascending channel. However, the price has reached the lower boundary of this channel, and a break below could signal the start of a downtrend. SHIB is currently defending the support level at USD 0.00001822. If this level breaks, the price could drop to the 0.236 Fibonacci level at USD 0.0000168.
The Relative Strength Index (RSI) is currently at 56, indicating that buying interest is waning. Should the RSI fall below 50, it could signal a stronger downward movement. The Awesome Oscillator is also showing red bars, indicating growing strength among sellers.
Whale Activity: Hope for a Recovery?
Despite the negative signals, there are also signs of a potential recovery. Activity among so-called “whales” – large investors – has increased. According to data from IntoTheBlock, the transaction volume of large SHIB transactions rose by more than 200% to USD 62 million. If these whales are indeed buying, it could push the SHIB price back up.
Our Assessment
The current situation in the Shiba Inu market shows clear uncertainty among traders. The decline in open positions and funding rates suggests that many traders are unwinding their long positions, which could put further short-term pressure on the price. At the same time, there are signs that large investors may be re-entering, which could support a recovery. In any case, traders should closely monitor the market and look for further signals before making decisions.
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