Danger for Traders : A Sudden Reversal in Shiba Inu Approaches
Shiba Inu (SHIB) has experienced a significant price decline over the past week, triggering bearish sentiment among traders. This downward trend has translated into a wave of selling pressure in the market. However, if SHIB manages to recover, it could lead to heavy losses for short traders who are betting on the altcoin’s decline.
Shiba Inu Traders Must Remain Vigilant
Data on liquidations reveals a fascinating situation : if Shiba Inu recovers the 10% it has lost, this could trigger more than $52 million in short liquidations. Short sellers have bet on a retreat of the altcoin, but if SHIB rebounds, these traders will face substantial losses.
As traders exit their short positions due to losses, the market should experience a wave of buy orders, which could propel SHIB’s price upward. This scenario would benefit SHIB holders, especially if the altcoin manages to recover, thus validating the bullish outlook for the token.
However, broader market signals raise some concerns. The number of active Shiba Inu addresses has dropped by 36% over the last 48 hours. This indicates that investors might be losing hope in a quick recovery of the altcoin and rapidly withdrawing from their positions.
SHIB Price Needs to Break Through a Key Resistance Level
At the time of writing, Shiba Inu’s price is $0.00001407, just below the resistance level of $0.00001435. The altcoin faces mixed signals, with both bearish and bullish elements influencing its price movement.
However, this drop is completely normal and even presents an interesting opportunity. Indeed, SHIB hit the crucial resistance at $0.00001587 before returning to its POC at $0.00001329.
If SHIB breaks through this resistance, it will target the $0.000018 threshold next.
Taking a step back, SHIB still has major upside potential. Its CMF has reached record levels not seen since last December. Additionally, the RSI is not yet in overbought territory. According to the MRC, SHIB could increase by 100% from its current price to $0.000026 in the coming weeks.
Shiba Inu’s potential recovery could trigger significant short liquidations, but a decrease in active addresses signals uncertainty. A breakthrough above $0.00001580 could mark a turn toward a more optimistic outlook for investors.
How to Buy SHIB on Bitget ?
To take advantage of this potential 2x increase in SHIB, here’s a guide to easily purchase it on Bitget :
- Sign up on Bitget : Create an account on the Bitget platform via their website or mobile app. Complete identity verification (KYC) to access trading features.
- Deposit funds : Fund your account with cryptocurrencies (USDT, BTC, ETH) or fiat currency via bank card, wire transfer, or other available options.
- Find SHIB : Go to the trading section and search for the SHIB/USDT or SHIB/BTC pair. Bitget offers spot or derivatives trading options for SHIB.
- Make a purchase : Place a market order for immediate purchase or a limit order to set a target price. Verify the amount before confirming.
