Over the course of the week, the crypto market had succumbed to selling pressure. These sell-offs changed the trajectory of the market as many major cryptocurrency prices crashed. However meme currency, Shiba Inu [SHIB] may have “ignored” the ritual of following the Bitcoin [BTC] impulse.
At press time, SHIB is up 4.12% in price for its token. Against BTC and Ethereal [ETH], SHIB also won in the last 24 hours. The cryptocurrency was up 6.94% against ETH, while it was up 4.09sb% against the king coin, BTC.
This SHIB push could surprise many cryptocurrency investors. This is because there have been massive sell-offs across the crypto market since the price crash began. As of August 19, CoinGlass reported that there has been a liquidation of over $500 million, with BTC and ETH traders being the hardest hit.
The liquidations have now reduced but they are not all gone. CoinGlass data showed the 24-hour “rekt” to be around 4,170.50 million at the time of writing. However, it may appear that SHIB did not form a significant part of the attack. Although not entirely shelved, it affected more traders in short than long positions.
At press time, SHIB recorded $260,200 in total liquidations over the last twelve hours. However, from August 19 through the reporting period, it was $1.06 million.
This short-term success has also helped SHIB regain 12th position in market value according to CoinMarketCap. Also, the rally may line up with the projection that SHIB could remain bullish for most of the next week. But what else has influenced SHIB’s rally besides maneuvering the sell-off stats?
based on SantimentAccording to the data, the volume of SHIB had increased after it crashed between August 15 and 18. At the time of writing this article, the volume amounted to 944.84 million dollars. Similarly, active deposits in stock markets have increased and followed a similar trend.
However, Chaikin Money Flow (CMF) in the green may not agree with the projection of a further rally with the current SHIB momentum. With the value at -0.15, it appears that SHIB investors have been holding back from deploying more liquidity in their ecosystem.
Volume was in a bearish position, although there were signs that it could go higher, but reaching the zero point looked like a challenge. As for the balanced volume (OBV) in blue, it was in the upward direction. The value was 461.30 billion with the potential to reach 483.34 billion dollars that was on August 14.