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Dog themed cryptocurrency Shiba Inu (SHIB) is trading in the red, with on-chain metrics also showing a decline.
The futures flow metric, which tracks the movement of coins into and out of derivatives exchange wallets and is an indicator of trader positioning, was especially in red, down 694% in the last 12 hours, according to CoinGlass data.
Shiba Inu was showing a future netflow drop of 694% in the last 12 hours as the total value of SHIB leaving futures exchange wallets (outflows) surpassed the value entering them (inflows). Inflows came in at $3.98 million, while futures outflows amounted to $4.59 million.
This might suggest reduced exposure by derivatives traders, even as the broader crypto market sees a sell-off, with $386 million in total liquidations over the last 24 hours.
Cryptocurrencies fell across the board as investors pulled back from risk assets, with stock and commodity markets continuing to whipsaw. Shiba Inu was not left out of the bearish sentiment, down 2.67% in the last 24 hours to $0.00000583.
Shiba Inu rise reversed
Shiba Inu reversed a three-day rise, which surpassed the daily MA 50 at $0.00000595 early Thursday, dropping to a low of $0.00000578.
Market data suggests a scenario where new demand is being outweighed by existing holders, reducing exposure, which can limit gains even when interest seems to be building.
On-chain data suggests less conviction as retail stays on the sidelines, unwilling to commit capital until they get directional confirmation.
However, crypto prices may rebound in the short term if macro conditions improve. In this scenario, Shiba Inu will target an increase to $0.00000625 and $0.000008, while support is anticipated in the $0.000005 range.
For macroeconomic data, on Thursday morning, traders will be watching for initial jobless claims for the week ending March 28, while March’s jobs report is set for release on Friday morning.
Dan Burgin
U.Today Editorial Team
Vladislav Sopov
