Welcome to Extreme Investor Network, where we provide you with the latest insights and analysis on the Stock Market, trading, and more. Today, we are taking a closer look at the recent developments in the world of cryptocurrency, specifically focusing on Shiba Inu and its trading trends.
According to the latest data from Coinglass, Shiba Inu’s open interest and funding rate have been on the rise, indicating a positive sentiment among traders. The open interest for SHIB has increased significantly, reaching $55.26 million, up from $48.22 million just two days prior. Additionally, the funding rate for SHIB has surged to 0.018%, its highest level in 20 days.
When both open interest and funding rates rise simultaneously, strategic investors often interpret this as a bullish signal for the asset. This is because it suggests heightened demand and confidence in sustained upward momentum. In the case of SHIB, the spike in open interest is likely fueled by Elon Musk’s positive mentions of Dogecoin, a cryptocurrency closely related to SHiba Inu. This has led to an influx of new traders entering the market, expecting prices to increase.
Furthermore, the increase in funding rates indicates that long positions are willing to pay a premium to hold onto their trades, showing a strong belief in further upside potential. This reinforces the overall bullish sentiment surrounding SHIB and suggests that prices may continue to rise in the short term.
Looking ahead, there is a potential for Shiba Inu to surpass the crucial $0.000020 resistance level, especially with the support from increased capital inflows amid Elon Musk’s DOGE mentions. Technical indicators on the SHIBUSD chart also point towards a bullish reversal, with the Parabolic SAR dots moving beneath the daily timeframe candlestick.
Overall, the combination of factors such as increased open interest, rising funding rates, and positive technical indicators position SHIB for further gains in the near future. Stay tuned to Extreme Investor Network for more updates on Shiba Inu and other trending assets in the market.