Shiba Inu's Futures Open Interest Tops 7M SHIB as Price Recovery Meets Whale Selling
2025-07-09 12:16:02
Main Idea
Shiba Inu (SHIB) futures open interest has risen to over 7 million SHIB, indicating growing investor interest despite potential selling pressure from large token holders, with the price showing a weekly gain of over 5%.
Key Points
1. SHIB has surpassed the 23.6% Fibonacci retracement level, showing a weekly gain of over 5%.
2. Open interest in SHIB futures has risen past 7 million SHIB for the first time since May 23, suggesting increased investor interest.
3. Whales have increased their sales, which could challenge the price ascent despite bullish signals from indicators like the 14-day relative strength index.
4. Volume figures have exceeded the daily average of 307.5 billion tokens, supporting the bullish case.
5. Key price levels include a support zone at $0.00001172-$0.00001175 and resistance at $0.00001196.
Description
Shiba Inu (SHIB) whales have stepped up their sales as the cryptocurrency's price recovery looks to gather steam alongside an uptick in futures market activity. The path of least resistance still appears to be on the higher side. SHIB, the world's second-largest meme token by market value, traded above the 23.6% Fibonacci retracement of the May-June sell-off as of writing, up over 1% on a 24-hour basis, according to CoinDesk data. Bullish RSI Prices have gained over 5% in one week alongside bull...
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