⚡️ Shiba Inu Faces Liquidation Dilemma as $0 Traders Exit Positions

The price of Shiba Inu faces slight profit-taking above $0.0000062, as the battle between bearish and bullish continues. The broader crypto market shows mixed price action on Saturday, with most assets mostly in the red.
Shiba Inu drops 1.45% in the last 24 hours to $0.000006273. The Federal Reserve's decision on Wednesday to keep interest rates steady appears to weigh on the market. CoinGlass data shows $125 million in liquidations over 24 hours across the crypto market, mostly long positions expecting further price increases.
In the case of Shiba Inu, liquidity remains low as traders exit their positions. In recent hours, long and short liquidations have reached $0.
Meanwhile, Shiba Inu's open interest has decreased by 6.74% to $60.81 million in the last 24 hours. Shiba Inu trading volume in the derivatives market also declined by nearly 48% during this period to $79 million.
🔸 Price of SHIB
The recent price drop surprised long traders expecting a rise. Long liquidations for Shiba Inu reached $40,230, nearly the entire liquidation in the last 24 hours ($40,940), while short liquidations only amounted to $713.27.
Shiba Inu has risen for four consecutive days since April 28; however, negative funding rates in the market indicate traders are still shorting every rally, cutting potential gains.
The SHIB price faces resistance at the April 29 peak of $0.00000659, while Shiba Inu is trying to turn the $0.000006 level (50-day moving average) into support.
Earlier this week, the Fed decided to keep the benchmark federal funds rate between 3.50% and 3.75%. The personal consumption expenditure price index, the Federal Reserve's preferred inflation measure in the economy, rose 0.7% in March, according to Thursday's release.
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