After four straight days of dropping from Nov. 19 to 22, Shiba Inu's price made a U-turn. At the time of writing, SHIB was up 3.93% in the last 24 hours to $0.000007952, having earlier reached $0.000008 on Sunday.
The sudden price reversal caught bears unawares, leading to an unwinding of short positions. This led to liquidations in short bets, which accounted for about 80% of the total wipeout in the last 24 hours.
According to CoinGlass data, total liquidations in the last 24 hours came to $57,200: shorts amounted to $46,210 or 5,835,332,744 SHIB, while long liquidations came in at $10,990.
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Shiba Inu OI rises
The U-turn in Shiba Inu's price has seen SHIB's open interest flip back into the positive zone. Open interest refers to the total number of outstanding derivative contracts that have not been settled; a measure of the total number of open positions in a futures or options market, reflecting liquidity and market activity.
According to CoinGlass data, open interest for Shiba Inu increased to $78.57 million in the last 24 hours, a 5% rise.
What's next for Shiba Inu price?
Major cryptocurrencies, including Shiba Inu, are trading in the green on Sunday. However, it might be too early to call this a reversal as the market aims for stability after October's sell-off.
It will be watched to see if this is a temporary relief rally or a reversal that might lead to a more sustained move in the days ahead.
If the current recovery is a dead cat bounce leading to a further drop in the market, Shiba Inu would target support at $0.000006 and $0.000007.
On the other hand, if Shiba Inu confirms a bottom at the $0.0000071 low, the price would seek to stabilize in the coming days, with a short-term consolidation emanating before the next major move.
In the instance that Shiba Inu begins an immediate move if the broader crypto market recovers, it will target its daily moving averages 50 and 200 at $0.00000991 and $0.00001024, respectively.
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