Shiba Inu price has seen a 4.4% decrease, with the total crypto market cap falling below $3 trillion as traders take profits from the recent rally. However, two key metrics suggest that SHIB price may see another rally soon and potentially reach $0.00002.
Currently trading at $0.0000131, SHIB has retreated from its multi-week high of $0.0000138. Despite this decline, open interest has surged to $170M, indicating that derivative traders are opening new positions in anticipation of a major move for Shiba Inu. Additionally, positive funding rates suggest that long traders outnumber short sellers, further supporting a bullish outlook.
On-chain data reveals that most SHIB holders are not selling despite the recent price drop, with exchange outflows exceeding inflows. This indicates that traders are choosing to hold onto their SHIB tokens rather than sell them on exchanges, showing confidence in the meme coin’s recovery potential.
Technical analysis suggests that SHiba Inu price may still experience gains, as a double bottom pattern emerges on the daily chart. The confirmation of this pattern occurs when the price breaks the neckline at $0.000015, paving the way for a potential uptrend with a target price of $0.000024.
In conclusion, the combination of rising open interest, exchange flow data, and the double bottom pattern on the daily chart indicate that Shiba Inu price could rally to $0.00002. However, buyer participation is crucial in driving the upward momentum needed to reach this target price.
