- SHIB exchange supply hits record lows, signaling rising holding sentiment.
- Open interest in SHIB surges 43% in two weeks, hitting $135 million.
- A 17x rally could push SHIB from $0.0000123 to nearly $0.00021.
Shiba Inu is showing signs of potential upward movement as exchange supply hits record lows while demand signals grow stronger. Analysts and traders have renewed their focus on the meme coin because they see its current value as a favorable buying opportunity.
CryptoELITES has pinpointed a potential upward trend for Shiba Inu following its entry into a vital support area. Based on current price patterns and trading activity, the analyst expects SHIB could rise to 17 times its current value. From a trading price of $0.0000123, a 17x rally would bring SHIB close to $0.00021, while a 14x gain would push it to $0.00018.
Supply on Exchanges Drops to Record Lows
SHIB reserves on centralized exchanges keep dropping to unprecedented lows. The Santiment data reveals that Shiba Inu tokens have been steadily leaving trading platforms which indicates that investors are choosing to hold their investments instead of selling them. This movement may lead to a supply squeeze if demand intensifies at the current price.
With less SHIB available for sale on exchanges, the likelihood of upward price pressure increases. A lower supply often paves the way for sharp movements when combined with a spike in trading interest. This development supports the bullish forecast provided by analysts who believe that a shift in sentiment is already underway.
Open Interest Signals Market Confidence
Increased open interest in Shiba Inu derivatives further underscores rising trader confidence. Coinglass data shows that SHIB open interest has climbed by 43% in just two weeks. Open position values have increased from $94 million to $135 million.
The increase indicates that futures traders are positioning themselves for an upcoming breakout because their participation is growing. When open interest increases it typically shows new capital entering the market and this movement tends to drive stronger price action. It also points to a wider expectation of volatility and opportunity among active traders.
Resistance and Support Levels in Focus
The current price structure for Shiba Inu places it within a defined consolidation range. Analysts observe that SHIB must maintain support along its lower descending trendline to sustain momentum. The 0.618 Fibonacci level marks a crucial resistance point at approximately $0.00003. Breaking above this mark would allow the meme coin to initiate a new rally phase.
Technical indicators remain closely watched as traders assess whether SHIB can reclaim higher levels. Continued market strength in the broader crypto space is also lending support to meme coin sentiment. The upcoming price behavior of Shiba Inu rests on continuing demand and maintaining its present support level.
