Shiba Inu, the popular meme cryptocurrency, has recently seen a notable surge in futures outflows, stirring discussions among investors about its immediate market trajectory. This significant capital movement suggests a shift in trader sentiment, potentially indicating a reduction in exposure to the dog-themed digital asset amidst fluctuating prices.
Shiba Inu Sees Significant Futures Outflows
Recent on-chain data reveals a substantial exodus of 1.235 trillion SHIB, equivalent to $10.50 million, from Shiba Inu futures contracts within a 24-hour period. This figure dramatically surpasses the $8.8 million in inflows recorded during the same timeframe. Such considerable futures outflows typically signal that traders are reducing their positions, hinting at a cautious outlook or a move to de-risk. This reduction in exposure coincided with an initial price dip, prompting close observation from the crypto community.
Navigating SHIB's Price Trajectory
Despite the recent outflows, Shiba Inu managed to reverse a two-day decline, showing a modest rebound of 2.45% in the last 24 hours, with its trading volume also increasing by 4.39% to $94.53 million. For sustained upward momentum, SHIB faces critical resistance targets at $0.00001017 and the daily MA 50 at $0.00001084, with successful breaches potentially paving the way for a long-term ascent to $0.000015. However, the path forward is not without challenges. A fresh hourly death cross, where the hourly MA 50 dipped below the MA 20, signals potential bearish pressure. SHIB must successfully convert the daily MA 50 at $0.0000081 into strong support to maintain its short-term gains; a failure could see it test the next support level at $0.00000732. The broader market trend, particularly Bitcoin's performance, could also play a pivotal role, with momentum indicators like the RSI suggesting a period of range trading might be on the horizon for Shiba Inu.
