- SHIB open interest hits $170M, signaling rising trader activity and optimism.
- Exchange outflows surpass inflows, showing holders prefer long-term gains.
- Double bottom pattern at $0.000015 hints SHIB may rally toward $0.00002.
The crypto market downturn has caused Shiba Inu’s price to fall from its recent multi-week peak of $0.0000138. The current price of SHIB stands at $0.0000131 which shows a decrease of 4.4%.
Shiba Inu Retreats from Multi-Week High Amid Market Pressure
Investors moved to secure their gains after the asset had experienced a significant increase in value. Technical analysis from derivatives and blockchain data implies Shiba Inu could rebound to reach $0.00002 despite price retracement.
The cryptocurrency market valuation fell under $3 trillion which led to a decline for multiple tokens including Shiba Inu. The majority of investors still maintain their positive outlook regarding SHIB. The majority of holders are not selling their coins which indicates sustained confidence in the coin’s future potential.
Key Metrics Highlight Sustained Trader Confidence
Analysis of two essential metrics shows SHIB’s upward trend will likely continue despite its current price downturn. Shiba Inu derivative open interest has reached $170 million. Coinglass data reveals that the open interest in Shiba Inu derivatives reached its highest point in over a month. When open interest levels rise it reflects growing trading activity alongside renewed investor optimism.
Additionally, funding rates remain positive. The positive funding rates show that traders are expecting prices to rise instead of fall. On-chain exchange flow data shows that asset outflows surpass inflows during this period. The movement of assets off exchanges by holders shows their preference for long-term holding over selling their assets.
The combined signals suggest that a market rebound may be forthcoming. Although the current market dip has reduced recent gains the market behavior remains stable without signs of panic or widespread exits.
Double Bottom Pattern Signals Technical Support
Technical analysis confirms and enhances the evidence in support of a bullish market trend. The daily chart of Shiba Inu shows signs that a double bottom pattern may be developing. The pattern reveals a potential reversal when price action moves above the neckline resistance level. The neckline resistance level in this scenario stands around $0.000015.
Breaking past this resistance could validate the double bottom pattern for SHIB and initiate a continuous upward trend. The price might reach $0.000024 if volume confirms the breakout. To confirm continued buying pressure the Relative Strength Index among other momentum indicators must show an upward trend.
The market retains potential for upward movement if buyers come back while market conditions reach stability. Technical structures demonstrate ongoing support which could lead to additional gains for Shiba Inu.
Long-term optimism about Shiba Inu remains intact despite its current price drop. Increasing open interest alongside substantial exchange withdrawals demonstrate traders’ ongoing confidence in the market. Technical indicators suggest that a breakout might occur once resistance has been surpassed. Investors should remain cautious but SHIB has the potential to approach the $0.00002 level should bullish momentum return.
