5,835,332,744 SHIB tokens with short positions were

📌 5,835,332,744 SHIB tokens with short positions were liquidated, amid an increase in open interest: What developments await us? – U.Today

After four consecutive series of declines from November 19 to November 22, the value of Shiba Inu showed a change of direction. At the time of writing, SHIB was up 3.93% over the past 24 hours to $0000007952, after hitting $0000008 on Sunday. . Shiba inu

– After four consecutive series of declines from November 19 to November 22, the value of Shiba Inu showed a change of direction. At the time of writing, SHIB was up 3.93% over the past 24 hours to $0000007952, after hitting $0000008 on Sunday.

The unexpected price reversal took the bears by surprise, triggering the closing of short positions. This led to the liquidation of shorts, which accounted for about 80% of the total losses over the past 24 hours.

According to CoinGlass, the total liquidations over the past 24 hours amounted to $57,200, with shorts totaling $46,210, equivalent to 5,835,332,744 SHIBs, and long positions liquidated for $10,990.

The reversal in the Shiba Inu rate contributed to the return of SHIB open interest to positive territory. Open interest is the total value of outstanding derivative contracts that have not yet been settled; it reflects the total number of active positions in the futures or options market, indicating liquidity and activity in the market.

According to CoinGlass, open interest in Shiba Inu has increased to $78.57 million in the last 24 hours, up 5% .

What should we expect from Shiba Inu quotes?

Leading cryptocurrencies, including Shiba Inu, are showing upward momentum on Sunday. However, it is premature to talk about a complete trend reversal as the market is looking for stability after the October slump.

We will have to see if this is a temporary uptrend or the beginning of a trend reversal that could lead to a stronger rise in the coming days.

If the current recovery is just a bounce that leads to another market decline, the support levels of $0000006 and $0000007 will be the benchmarks for Shiba Inu.

On the other hand, if the price of Shiba Inu confirms the minimum of $0.0000071, the quotes are expected to stabilize and some short-term consolidation is expected in the coming days before the next significant movement.