Shiba Inu's hourly chart has displayed a death cross, a bearish indicator that can signal further decline in price. This comes as the market-wide liquidations hit $441 million, with over 700,000 BTC in options expiring on Friday.
The cryptocurrency's price is currently facing resistance at its one-hour 50 MA level, making it challenging for Shiba Inu to move upwards. However, the derivatives market saw a surge in activity, with volume jumping by 70% to $161 million in just 24 hours.
Shiba Inu's open interest has increased by 7.79% over the past day, hitting $53.2 million, as traders rebalance their positions. This uptick in open interest could lead to a break above known support and resistance levels for Shiba Inu.