SHIB’s Long-Short Ratio Weakens Amid $1.8M Purge of Bullish Leveraged Trades

Bearish Bets Grow on SHIB as Futures Ratio Dips, Liquidations Exceed $1.8 Million

The mood around Shiba Inu (SHIB) has shifted firmly bearish after the meme token fell to its lowest level in two months, sparking significant pain for leveraged traders.

The long-short ratio for SHIB perpetual futures has sunk to 0.9298, per CoinDesk AI insights, revealing more traders betting against the token than for it. Since June 12, over $1.8 million in long positions have been forcibly liquidated as prices plunged. Shorts, meanwhile, saw far less carnage, with only around $500,000 liquidated during the same window, based on Coinglass data.

The futures market is clearly skittish: open interest in SHIB contracts has dropped by 2.14% over the last 24 hours to $145.33 million, while long liquidations have surged to $244,000—over four times the amount of short liquidations.

On spot markets, SHIB has fallen about 10% since June 12 to $0.00001164. Still, a modest bounce off Tuesday’s low of $0.00001134 hints at the possibility of stabilization.

Technical Outlook:

• SHIB continues to hold key support above $0.00001100, which could limit further downside.
• A potential bullish crossover in the MACD and bullish divergence in the daily RSI could propel SHIB toward the $0.00001390 Fibonacci target.
• Buyer interest is emerging near $0.00001170, confirmed by trading volume patterns.
• Short-term charts show oversold readings on the hourly RSI, setting up the potential for a relief rally if the $0.00001168 support zone holds firm.