Shiba Inu reversed a three-day drop earlier in the week, with its price rising to $0.00000622 on Friday, bringing SHIB above the daily MA 50 at $0.00000604.
However, the rise was short-lived, with Shiba Inu returning below the daily MA 50. At the time of writing, SHIB was up 0.53% in the last 24 hours to $0.00000596 and up 0.69% weekly.
The unexpected price move saw short positions exit briefly, with $0 in short liquidations in the last four hours, rather long liquidations were recorded.
This indicated that the sudden price drop had caught long traders who were anticipating a price increase unawares.
The last 24 hours saw more longs liquidated than shorts, with traders anticipating the SHIB rise to continue. According to CoinGlass data, Shiba Inu saw a total of $89,620 in liquidations; long positions accounted for $67,340, and shorts accounted for $22,280.
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Shiba Inu is attempting a breakout past the daily MA 50 at $0.000006. SHIB’s price briefly returned above here on March 16 and 20, but the rise could not be sustained. If this is achieved, Shiba Inu will aim for $0.00000644, $0.00000836 and $0.000010 while support is expected at $0.00000508.
Shiba Inu open interest jumps 14.31%
Shiba Inu open interest has returned to the green, suggesting traders are increasing their positions.
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According to CoinGlass data, Shiba Inu open interest is up 14.43%, after earlier dropping as much as 30%. This amounted to $55.70 million in the last 24 hours, indicating that traders are betting on SHIB’s next move.
With the Federal Reserve hinting at increasing uncertainty on growth and inflation outlooks earlier this week, traders have scaled back expectations for Fed rate cuts.
In positivity for the crypto market, the U.S. Securities and Exchange Commission on Tuesday unveiled new details of how it will classify cryptocurrencies, with major cryptocurrencies, including SHIB, deemed not to be securities.
The altcoin market continues to show signs of optimism despite a handful of coins trapped in a tight trading range since early February.
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