SHIB up 5% as death cross fades; liquidations surge
Shiba Inu (SHIB) climbed nearly 5% to around $0.00000606, even after a one-hour death cross appeared on March 22. The signal followed a brief pullback tied to U.S.–Iran geopolitical worries, when SHIB slipped near $0.00000565.
However, the bearish setup did not persist. On the four-hour chart, SHIB remains in a constructive structure after a golden cross on March 19, with price holding above key moving averages. The rebound also triggered a sharp derivatives unwind: in the past 24 hours, SHIB liquidations totaled about $119,170, with short liquidations around $94,350.
Across the wider leveraged market, Coinglass data pointed to roughly $611M in total liquidations (about $361M shorts vs $249M longs), impacting more than 126,000 traders—consistent with a short squeeze.
Sentiment improved after Donald Trump referenced a possible 5-day ceasefire involving attacks on Iranian power plants. For traders, the key takeaway is technical divergence: short-term SHIB death cross pressure is being outweighed by higher-timeframe bullish structure and forced short covering.
Bullish
Despite a one-hour SHIB death cross (normally a bearish momentum warning), the price action is overriding the signal. SHIB is still above key moving averages on the four-hour timeframe after the March 19 golden cross, and the widening/holding structure supports buyers.
Derivatives flows add to the bullish bias. Short liquidations on SHIB (about $94k in the last 24 hours) and broader market liquidation totals (~$611M, mostly shorts) suggest traders were positioned for further downside and got squeezed as price rose.
A short-term geopolitical headline (Trump referencing a potential 5-day pause in attacks on Iranian power infrastructure) also improved risk sentiment, helping the rebound persist. Overall, for SHIB itself, the near-term bearish technical signal is being neutralized by higher-timeframe strength and forced short covering, which is typically constructive for follow-through.