In the last 24 hours, the Shiba Inu token (SHIB) has shown an impressive 10.15% increase in open interest, indicating a growing desire among investors to speculate on potential price surges.
Increase in Trading Volume and Whale Accumulation
According to CoinGlass data, the total trading volume of Shiba Inu in the futures derivatives market reached $189.04 million on 13.62 trillion tokens. The rise in open interest suggests that some investors anticipate further price increases.
Bulls Dominate Despite Death Cross Signal
Despite the recent formation of a death cross, which signals a potential increase in selling pressure, current data shows that traders are ignoring this signal and continuing to support the asset. The main exchange where 48% of open interest is concentrated is Gate.
Current Price and Resistance Levels
As of this writing, Shiba Inu is trading at $0.00001321, representing a 9.68% increase. Overcoming the resistance level at $0.00001320 is viewed as a significant step for the asset.
Overall positive market dynamics for the Shiba Inu token, amid rising trading volumes and whale activity, indicate potential future price changes and highlight bullish sentiments among investors.
