Market
Shiba Inu (SHIB) Price Jumps 13%, Short Traders Face Losses
Shiba Inu (SHIB) has witnessed a minor price rebound in the past few days. The value of the leading meme coin has surged by 13% since July 5.
This uptick in SHIB’s value has caused many of the short positions in its futures market to be liquidated.
Shiba Inu Sees Uptick in Short Liquidations
Liquidations occur in an asset’s derivatives market when the asset’s value moves against the position held by a trader. When this happens, the trader’s position is forcefully closed due to insufficient funds to maintain it.
Short liquidations occur when traders who have taken short positions are forced to buy back the asset at a higher price to cover their losses as the price rises. This typically happens when the asset’s price increases beyond a certain point, forcing traders with open positions against a price rally to exit the market.
Since the price uptick began on July 5, SHIB has recorded more short liquidations than long ones. In fact, on July 6, SHIB’s long liquidations totaled $3.36 million, exceeding long liquidations by a whopping 491%. This represented SHIB’s highest single-day short liquidations since March 8.
Read More: How To Buy Shiba Inu (SHIB) and Everything You Need To Know
However, despite the growth in SHIB’s value in the past few days, activity across its futures market remains low. This can be gleaned from its declining futures open interest.
An asset’s futures open interest measures the total number of outstanding futures contracts/positions that have not been closed or settled. When it declines, more traders exit their positions without opening new ones.
At $27.61 million at press time, SHIB’s futures Open Interest has dropped by 23% this month alone. It currently sits at its lowest level since February.
SHIB Price Prediction: The Current Uptrend May Not Last
According to SHIB’s Aroon Up Line observed on a one-day chart, the current price rally may be short-lived. As of this writing, the indicator’s value is 0%.
An asset’s Aroon Indicator measures its trend strength and identifies potential price reversal points. When the Up Line is close to or at zero, the uptrend is weak, and the most recent high was reached a long time ago.
If a correction occurs, SHIB’s value may dip to $0.00001570.
However, if it maintains the current uptrend, its price may rally toward the $0.000017 price level.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Recent price movement reveals that BNB has surged past a critical barrier, clearing the 100-day Simple Moving Average (SMA) and signaling renewed bullish momentum. With this breakout, BNB bulls are setting their sights on the $605 resistance level, as market sentiment strengthens around the potential for further gains. The move above the 100-day SMA has sparked optimism, hinting at the possibility of a sustained rally as BNB looks to capitalize on this momentum and break through key price targets.
The goal of this analysis is to highlight BNB’s recent surge above the 100-day Simple Moving Average (SMA) and evaluate the potential for continued positive movement toward the $605 resistance level. By examining current market dynamics and technical signals, this analysis aims to provide insight into whether BNB can maintain its upward momentum and achieve a significant breakout in the coming sessions.
Rallying Strength: Analyzing BNB’s Surge Above The 100-Day SMA
On the 4-hour chart, BNB has demonstrated sustained positive momentum after successfully breaking above the 100-day Simple Moving Average (SMA). This significant breach has not only triggered a shift in market sentiment but set the stage for a bullish trajectory as BNB rises toward the $605 mark. BNB’s ability to maintain above this key technical level reflects growing confidence among traders, suggesting that the upward movement may continue.
Additionally, the Relative Strength Index (RSI) on the 4-hour chart has climbed above the 50% threshold, currently sitting at 69%. This upward movement in the RSI indicates that bulls are firmly in control, as the index approaches overbought territory. If selling pressure remains subdued, there is potential for an extended increase in BNB’s price, signaling a strong bullish trend ahead.
On the daily chart, BNB is maintaining an upswing toward the $605 resistance level while trading above the 100-day Simple Moving Average (SMA). The price has printed multiple candlesticks above this key indicator, underscoring the strong buying pressure from investors and indicating a solid sentiment in BNB’s potential for continued growth.
Finally, on the 1-day chart, a careful examination of the formation of the 1-day RSI reveals that BNB could sustain its bullish trend toward the $605 resistance mark as the signal line of the indicator has risen above 50% and is currently attempting a move towards the 70% threshold.
What’s Next For BNB As Resistance Beckons
With strong buying interest and positive market sentiment, BNB is gearing up to reach the $605 resistance level. When BNB breaks above this point, it could lead to more gains, aiming for the $635 resistance zone and beyond.
However, the altcoin may face a pullback toward the $537 support mark if the momentum falters and fails to surpass this level. A decline below this support could lead to additional drops, with the price potentially testing the $500 support range and other lower levels.
At the time of writing, BNB was trading at approximately $575, reflecting a 3.05% increase over the past day. Its market capitalization was around $84 billion, with trading volume surpassing $1.9 million, showing increases of 3.05% and 9.81%, respectively.
Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.
From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.
In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.
Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he’s trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.
Aayush’s journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.
At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he’s poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush’s unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.
In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.
Bitcoin Cash price started a major increase above the $320 resistance. BCH is consolidating and might aim for more gains above the $350 resistance.
- Bitcoin cash price started a fresh increase above the $330 level.
- The price is trading above $335 and the 100-hour simple moving average.
- There is a bullish flag pattern forming with resistance at $345 on the hourly chart of the BCH/USD pair (data feed from Kraken).
- The pair could start another increase if it clears the $350 resistance zone.
Bitcoin Cash Price Starts Fresh Surge
After forming a base above the $305 level, Bitcoin Cash price started a fresh increase. BCH outpaced Bitcoin and Ethereum to gain over 15%. There was a clear move above the $320 resistance zone.
The price even surpassed $335 and tested the $350 resistance zone. A high was formed near $349.73 and the price is now correcting gains. There was a minor move below the $345 level. The price dipped below the 23.6% Fib retracement level of the upward move from the $306.92 swing low to the $349.73 high.
Bitcoin cash price is now trading above $335 and the 100-hour simple moving average. Immediate resistance on the upside sits near the $345 level. There is also a bullish flag pattern forming with resistance at $345 on the hourly chart of the BCH/USD pair.
A clear move above the $345 resistance might start a decent increase. The next major resistance is near $350, above which the price might accelerate higher toward the $362 level. Any further gains could lead the price toward the $380 resistance zone.
Fresh Drop in BCH?
If Bitcoin Cash price fails to clear the $345 resistance, it could start a fresh decline. Initial support on the downside is near the $335 level. The next major support is near the $328 level or the 50% Fib retracement level of the upward move from the $306.92 swing low to the $349.73 high.
If the price fails to stay above the $328 support, the price could test the $320 support. Any further losses could lead the price toward the $305 zone in the near term.
Technical indicators
4-hour MACD – The MACD for BCH/USD is gaining pace in the bearish zone.
4-hour RSI (Relative Strength Index) – The RSI is currently above the 50 level.
Key Support Levels – $335 and $328.
Key Resistance Levels – $345 and $350.
XRP $2 Billion Price Correction Enables Whales To Diversify in New AI Social Dating Crypto GoodEgg
BNB Rides Bullish Wave After 100-Day SMA Breakout, Next Stop $605?
Catizen (CATI) Price Soars Over 30% on Debut, Binance Expands Support
Solana’s Frankendancer Is Live On Mainnet, SOL Price Soars 9%
XRP Price Battles Resistance Around $0.60: Will the Struggle End?
Jupiter Exchange Announces Major Acquisitions
TON Foundation’s Plan to Onboard 500 Million Users
Are Solana, Cardano, Polygon Commodities As US SEC Ends Ethereum Investigation?
CFTC Appoints Dr. Ted Kaouk as First Chief AI Officer
New And Upcoming NFT Projects
2.52 Million Altcoins Are Ruining Crypto’s Future
BLUR Is Down 30%, And Whales Are To Blame–Here’s Why
TON Foundation’s Plan to Onboard 500 Million Users
Are Solana, Cardano, Polygon Commodities As US SEC Ends Ethereum Investigation?
CFTC Appoints Dr. Ted Kaouk as First Chief AI Officer
New And Upcoming NFT Projects
2.52 Million Altcoins Are Ruining Crypto’s Future
BLUR Is Down 30%, And Whales Are To Blame–Here’s Why
-
Market3 months ago
TON Foundation’s Plan to Onboard 500 Million Users
-
Altcoin3 months ago
Are Solana, Cardano, Polygon Commodities As US SEC Ends Ethereum Investigation?
-
Regulation5 months agoCFTC Appoints Dr. Ted Kaouk as First Chief AI Officer
-
NFT3 months agoNew And Upcoming NFT Projects
-
Altcoin3 months ago2.52 Million Altcoins Are Ruining Crypto’s Future
-
NFT3 months agoBLUR Is Down 30%, And Whales Are To Blame–Here’s Why
-
Blockchain5 months agoHong Kong’s Securities Association Tips Authorities On Crypto Self-Regulation
-
Market3 months agoEthena (ENA) Whale Faces $13M Loss With 30% Token Drop
