Shiba Inu

Shiba Inu [SHIB] has remained one of the tokens traders have kept an eye on despite a week of consolidation. However, the previous week’s performance was not the impetus for the action. Rather, SHIB futures open interest has been increasing since 14 March. 
A significant open interest indicates that many traders have taken active positions in a derivatives contract. According to Coinglass data, a total of 2.46 trillion SHIB contracts have been opened as of press time. Reduced open interest indicates that the market is liquidating and that the prevailing price trend is coming to an end. The flow of money into futures or options contracts slows in this circumstance. 
In terms of the current circumstances, that suggests that the market could be vulnerable to a short squeeze and liquidation. However, this occurred during a period of minimal volatility. As a result, the likelihood of SHIB seeing continuous price movements was low. 
SHIB has recently retested a resistance level, putting bulls at risk of a loss. However, according to the derivatives information tracker, only $37,580 has been liquidated in the last 24 hours. 
Liquidation refers to a situation in which open long or short positions have been forcibly closed due to a failure to meet margin requirements on a bullish or bearish bet. 
The SHIB situation suggests that the majority of trades have not been activated. This was mostly due to the price fluctuation.&nbsp; 
The SHIB price action remained unchanged as it drifted sideways at the time of writing. According to CoinMarketCap, the token’s value increased slightly in the last 24 hours, while its volume increased by 6%. The rise in volume suggested that there were more tokens involved in transactions than the previous day. 
Meanwhile, the volatility contraction that has been in place since March 20th has remained constant. However, Bollinger Bands (BB) signals suggested that the SHIB was not overbought or oversold. This reaffirmed the view that a dramatic shift in direction was unlikely. As a result, traders may have to wait a little longer before anticipating gains or losses on positions held.&nbsp;&nbsp; 
The Awesome Oscillator (AO) showed that SHIB’s momentum could change to the bearish side. Although the AO was greater than zero, the red bars indicate that the present value may be lower. 
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The post <a rel="nofollow" href="https://bitcoinworld.co.in/shiba-inu-traders-keep-tabs-on-the-shib-price-amid-low-volatility/">Shiba Inu: Traders Keep Tabs on the SHIB Price Amid Low Volatility</a> appeared first on <a rel="nofollow" href="https://bitcoinworld.co.in">BitcoinWorld</a>.

Shiba Inu: Traders Keep Tabs on the SHIB Price Amid Low Volatility

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