Shiba Inu completed a death cross on its hourly chart as the market faced an overnight sell-off with over $441 million in crypto positions liquidated.
Traders turned defensive following the year’s largest options expiry in Bitcoin and Ethereum, while investors continued withdrawing from crypto exchange-traded funds. Roughly $14 billion of Bitcoin options expired Friday, as measured by the number of outstanding contracts, known as open interest.
Meanwhile, consumer sentiment data from the University of Michigan was nearly in line with expectations, as the Survey of Consumers for the end of March showed a reading of 53.3. Economists polled by Dow Jones had estimated 54.0.
Shiba Inu's hourly death cross emerges
Shiba Inu fell for three straight days from March 25 amid continued profit taking as investors considered macro concerns.
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SHIBUSD Hourly Chart, Image By: TradingView
A death cross ensued on the hourly chart amid the short-term selling as the 50 MA fell below the 200 MA.
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SHIB is attempting a relief rally, but the price is confronting resistance at the one-hour 50 MA. At the time of writing, SHIB was up 0.85% in the last 24 hours to $0.000005813. A sustained breach above this barrier might see SHIB target the one-hour 200 MA at $0.00000596. Shiba Inu rebounded from $0.00000571; the coming sessions might see Shiba Inu confirm this level as support.
Shiba Inu open interest jumps
The number of outstanding contracts, known as open interest, has increased in the last 24 hours for Shiba Inu.
Open interest in Shiba Inu as per CoinGlass climbed 7.79% over the past day, hitting $53.24 million. This uptick came as traders rebalanced their positions.
Simultaneously, the derivatives market saw a surge in activity, with volume jumping 70% to $161.08 million during the same period.
A break above known support and resistance levels for Shiba Inu will be monitored to decide where the price goes next.
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