Shiba Inu Open Interest Rises Amid Bullish Momentum, Suggesting Potential Price Rally
Main Idea
Shiba Inu (SHIB) open interest surged to 14.73 trillion tokens, indicating strong bullish momentum and potential price growth, supported by capital rotation from Bitcoin and positive market trends.
Key Points
1. SHIB open interest reached 14.73 trillion tokens (approx. $190.3 million) in 24 hours, signaling strong bullish sentiment.
2. SHIB price rose 1.5% to $0.00001292 despite a slight 1.6% dip in trading volume ($225.6 million).
3. Sustained open interest reflects continued investor engagement, supporting SHIB’s 14.6% monthly growth.
4. Capital rotation from Bitcoin’s rise to $118,000 has positively influenced SHIB and other altcoins.
5. SHIB’s price could potentially break out to $0.0000145 if it sustains above $0.000013, backed by increasing trading volume.
Description
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