Shiba Inu shows signs of a potential price rally as key market indicators turn positive. The meme coin has gained traction among traders in the past 24 hours, sparking optimism about its ability to reach higher price levels.
The cryptocurrency was trading at $0.00000864 at press time, representing a 0.80% decline in the last 24 hours. SHIB climbed from a daily low of $0.000008499 to a peak of $0.00008827 during the session.
SHIB’s price action over the past 24 hours (Source:CoinCodex)
Open Interest Surge Points to Growing Demand
Open interest in Shiba Inu jumped 1.89% over the last 24 hours. This metric measures the total value of active futures contracts. Rising open interest typically indicates increasing demand and renewed investor confidence.
Data from CoinGlass shows futures market positions reached $109.75 million. This figure represents 12.27 trillion SHIB tokens spread across multiple trading platforms.
Gate exchange leads the pack with 5.20 trillion SHIB worth $48.28 million. This accounts for 41.25% of total open interest. LBank follows with 12.84% of positions valued at $14.10 million. OKX and MEXC hold 10.68% and 10.02% respectively, with commitments of $11.72 million and $11.01 million.
The concentration of trading activity on these platforms indicates strong interest from both institutions and retail investors. Traders are positioning themselves for potential upward movement. Sustained momentum could attract additional market participants and drive prices higher.
Technical Indicators Support Upward Trajectory
Bollinger Bands present a favorable outlook for SHIB's price action. The technical indicator shows prices trading above slightly depressed upper bands. This configuration often precedes steady upward movement.
The $0.00001 price zone remains a realistic target if buying pressure continues. Breaking through this psychological barrier would eliminate one zero from SHIB's price. Such a move could trigger additional momentum as traders react to the milestone.
However, technical signals alone may not guarantee success. Market conditions can shift rapidly in the cryptocurrency space. External factors, including broader market sentiment and regulatory developments, play significant roles.
