In the past 24 hours, Shiba Inu (SHIB) has faced significant selling pressure, with market volatility leading to the forced liquidation of over 5.9 billion SHIB tokens, totaling approximately $334,000. This event occurred against a backdrop of cooling sentiment in the crypto market, with total liquidations across the market reaching $248 million in the last 24 hours, reflecting a general decline in investor risk appetite.
During this price fluctuation, long positions were the primary victims. Previously, SHIB had been trading around $0.0000053 for several days, briefly rebounding above $0.000006, which forced some short sellers to cover their positions. However, the market quickly reversed, and longs were collectively stopped out due to a lack of sustained buying support, resulting in a chain reaction of liquidations.
Data shows that approximately 87,099 traders were liquidated globally in the past day. Ethereum led the way with $2.38 million in liquidations, followed closely by Bitcoin at $1.51 million. The largest single liquidation occurred on the Hyperliquid platform. Overall, long positions suffered losses of $135.8 million, while short liquidations amounted to $112.5 million, highlighting the intense tug-of-war between bulls and bears in the market.
From a technical perspective, SHIB's current price is below the 50-day and 100-day exponential moving averages (EMA), which are at $0.00000638 and $0.00000726, respectively, creating significant resistance zones. If the price cannot stabilize above these two key moving averages, the short-term trend will likely remain bearish. Support is concentrated around $0.0000052; if this level is breached, further declines may follow. Conversely, if the price can strongly break above the $0.00000726 EMA, it could initiate a new upward cycle.
Currently, SHIB is oscillating around $0.0000056, indicating that the market is in a wait-and-see mode. Buyers are attempting to hold onto recent gains, while sellers continue to apply pressure, and the market has yet to establish a clear direction.