SHIB Rallies 4.8% to $0.00000631, Triggers ~$59K in Liquidations as Volume and OI Rise
Shiba Inu (SHIB) rallied about 4.8% to $0.00000631, triggering roughly $59,170 in 24‑hour liquidations — with short liquidations accounting for approximately $50,120 (≈7.94 billion SHIB, ~84.7% of SHIB liquidations) and longs around $9,050. The move followed support near $0.00000520 on March 8 and forms part of a broader altcoin recovery that earlier produced weekly gains. SHIB has erased recent weekly losses and shows a roughly 20% month‑to‑date recovery, recording seven positive closes in the last eight sessions. Derivatives metrics and on‑chain activity rose: open interest climbed from about $54.5M in early March to ~$60.9M, 24‑hour spot volume jumped ~112% to $22.23M, and futures volume increased ~109% to $148.3M. Technicals: price sits above near‑term resistance around $0.00000590, with a key medium‑term hurdle at the Feb. 14 lower high near $0.00000725; weekly Bollinger Bands show a squeeze, signaling a potential significant move ahead. Traders should watch for a decisive breakout above $0.00000725 on strong volume to confirm a sustained trend reversal; otherwise, volatility and liquidation risk remain elevated. This update is informational and not financial advice.
Bullish
The combined reports point to a short‑squeeze driven uptick: price moved above near‑term resistance, a large portion of liquidations were shorts, and key market activity metrics (open interest, spot and futures volume) rose sharply. Those signs favor near‑term bullish pressure for SHIB as traders cover shorts and momentum attracts buyers. However, the medium‑term trend remains constrained by the Feb. 14 lower high near $0.00000725; a clear breakout on strong volume would be required to confirm a sustained bullish reversal. Until that level is convincingly taken, volatility and liquidation risk remain elevated, meaning gains could be retraced if buying interest weakens. In sum, expect short‑term bullishness with conditional longer‑term conviction dependent on a volume‑backed break above $0.00000725.