Shiba Inu rebounded to a high of $0.00000575 on Tuesday, extending a recovery from a low of $0.00000522 following the sell-off in the past week.
Major tokens rebounded on Tuesday as optimism on risk markets increased. At the time of writing, SHIB was up 5.47% in the last 24 hours to $0.00000567.
The price increase caught bearish traders unawares, with shorts being majorly liquidated in a market imbalance.
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According to CoinGlass data, Shiba Inu saw a total $48,260 in liquidations; short liquidations account for the majority at $38,680, or 6.3 billion SHIB. Long liquidations only account for $9,580.
This liquidation imbalance follows a broader trend on the market, with shorts mostly wiped out amid the latest price recovery.
According to CoinGlass data, a total of $327 million was liquidated in crypto positions across the entire market; short positions accounted for $200 million of this figure.
Shiba Inu price action
Shiba Inu reversed a four-day drop and began to rise on Monday. The recovery extends on Tuesday with Shiba Inu reaching $0.000000575. The dog coin has reversed weekly losses, up 7.4% in the last seven days.
On-chain and derivatives indicators indicate the market is eyeing a rise after the recent sell-off, though conviction has yet to fully return.
Analysts believe that the market “already absorbed the negatives and priced them in,” with the next move now being awaited.
This week awaits a slew of economic data, with investors bracing for February inflation data due Wednesday, followed by the January personal consumption expenditures index and JOLTS job openings figures on Friday.
The Shiba Inu Bollinger Bands are contracting on the weekly chart. This classic technical signal suggests the meme coin might be consolidating for a potentially major move. The narrowing of the bands follows consecutive weekly price drops, with the SHIB price falling in the last three weeks.
The next resistance targets for Shiba Inu in the short term are at $0.00000587 and $0.00000653, while support is expected at $0.00000526
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