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Shiba Inu price is facing profit-taking slightly above $0.0000062, as the tussle between bears and bulls continues. The broader crypto market is showing mixed price action on Saturday, with the majority of crypto assets largely in the red.
Shiba Inu was down 1.45% in the last 24 hours to $0.000006273. Wednesday's Federal Reserve decision to hold the federal funds rate steady seems to be weighing on the market. CoinGlass data shows $125 million in 24-hour liquidations across the crypto market, with the majority of this figure being long positions expecting further increases in price.
In the case of Shiba Inu, liquidity remains subdued as traders exit positions. In recent hours, long and short liquidations came to $0.
Meanwhile, Shiba Inu open interest has dropped 6.74% to $60.81 million in the last 24 hours. Shiba Inu's trading volume in the derivatives market has likewise dropped in this timeframe by nearly 48% to $79 million. This suggests that positions are being closed and capital is exiting the market, a signal for risk aversion.
SHIB price
The recent price drop caught Shiba Inu long traders expecting prices to increase off guard. Long liquidations for Shiba Inu came to $40,230, accounting for nearly all of the liquidations in the last 24 hours ($40,940), while shorts only came to $713.27.
Shiba Inu rose for four straight days from April 28; however, negative funding rates in the market indicate that traders are still shorting any rallies, cutting short any potential rise.
SHIB's price increase faces a barrier at the April 29 high of $0.00000659, while Shiba Inu aims to convert the $0.000006 level (the daily MA 50) into support.
Earlier this week, the Fed voted to keep the benchmark federal funds rate on hold between 3.50% and 3.75%. The personal consumption expenditures price index, the Federal Reserve's preferred measure of inflation in the economy, rose 0.7% in March, according to a Thursday release.
Dan Burgin
U.Today Editorial Team
