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Shiba Inu (SHIB) price dropped 5.72% after forming its first "golden cross" in over two years, leading to over $570 million in long positions being liquidated.
According to U.Today, Shiba Inu (SHIB) has formed its first "golden cross" (where the 50-day moving average crosses above the 200-day moving average) on the daily chart in over two years, a strong bullish signal. However, this technical breakout was immediately met with market selling pressure, with SHIB falling 5.72% to $0.00000545 within 24 hours. The derivatives market also saw a chain reaction of liquidations, with over $634 million in trader positions closed in the past 24 hours, of which long positions accounted for $572.36 million, causing SHIB to lose the liquidity needed for an upward move.
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Disclaimer: This content reflects the author's personal views only and does not constitute investment advice.
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