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SHIB Shiba Inu's rebound was blocked, falling below US$0.00005, and bulls liquidating US$176,000.
Shiba Inu tried to rebound last week, but struggled to maintain its upward momentum after encountering key technical resistance. The token failed to hold above the psychologically important level of US$0.0000500 and was quickly suppressed and fell back. Sellers regained control of the situation and put SHIB into short-term bearish form after a brief breakthrough.
Resistance is suppressed, sellers return
Resistance around $0.0000500 is enhanced due to the combination of multiple technical factors. It is worth noting that the 50-day moving average is close to this price, causing the SHIB to intensify its retracement after testing this level. Recently, the daily candle chart has seen consecutive lower highs, indicating that bull momentum has not increased in the past few trading days, but has instead subsided.
Technical indicators show that the trend has shifted to correction. SHIB prices have fallen below the 20-day moving average, while the 50-day moving average still constitutes a suppression from the top. In the long term, the 100-day and 200-day moving averages continue to be higher, and the overall bearish trend remains unchanged as the tokens fail to recover the main resistance area.
Weakening momentum and long liquidation
The momentum indicator confirms the fading of long power. The Relative Strength Index (RSI) has fallen back from the overbought zone to 53, indicating that buying pressure has weakened significantly but has not yet entered the oversold zone. If sellers continue to put pressure on them in the next few trading days, there is still the possibility of further downside.
In the past 24 hours, leveraged traders have suffered significant losses. The liquidation amount of long positions was approximately US$176,000, while the liquidation amount of short positions was less than US$13,000. This significant imbalance suggests that the recent rebound has been blocked, forcing leveraged positions to be closed and long speculators quickly exited the market.
Liquidation data (24 hours): Long liquidation of US$176,000, short liquidation of US$13,000.
Changes in market capital flows and support levels
Although the cash market capital flow is still positive and the recent net inflow of SHIB is healthy, derivatives trading presents a different picture. Futures flows have turned negative, reflecting a more cautious attitude among speculative traders than buyers on spot exchanges. On-chain data also sends mixed signals, increasing market complexity.
Exchange reserves increased slightly in the past day, while exchange inflows and net flows increased. This trend has caused more SHIBs to flow into trading platforms, and once investors decide to take profits, tokens will face greater selling pressure.
The latest on-chain indicators show that if holders choose to cash in on profits, increasing exchange reserves may put additional downward pressure on SHIB.
In terms of short-term price movements, preliminary support is near the rising 20-day moving average, currently around US$0.0000465. If the price falls below this level, it may retest the previous breakthrough area near US$0.0000445. The main goal for long traders remains to regain their 50-day moving average to re-establish upward momentum.
