The Shiba Inu derivatives market is again heating up, providing a bullish outlook for the SHIB price. This comes as the crypto market rebounds, with SHIB also recording notable gains in the past few days. Shiba Inu Derivatives Market Heats Up With Rising Open Interest CoinGlass data shows that the Shiba Inu derivatives market is heating up, with open interest rising as much as 15% on November 8. This indicates that traders are again betting on a significant price movement from the foremost meme coin. Notably, SHIB broke above the psychological $0.000010 level amid this rising open interest. Related Reading: Here’s Why Dogecoin And Shiba Inu Prices Are Crashing, Is A Recovery Possible? Further data from CoinGlass shows the long/short ratio is 0.9, indicating that more traders are betting on a Shiba Inu price surge than a decline. Meanwhile, this development comes as the crypto market rebounds from last week’s crash, which saw BTC drop below $100,000, dragging SHIB and other altcoins down. SHIB is up over 8% since last week. Fundamentals, such as the application for a Shiba Inu ETF, have sparked this rebound in SHIB’s price. This is expected to drive institutional capital into the SHIB ecosystem, potentially triggering price rallies. Furthermore, the U.S. government shutdown could end soon, which is also bullish for the SHIB price alongside the broader crypto market. From a technical analysis perspective, crypto analyst SHIB Knight noted that Shiba Inu is slowly accumulating and forming a bullish pattern. He added that once it breaks out of this low range, it will go higher. However, Santiment data shows that SHIB whales are still on the sidelines and are not accumulating more coins. The whales’ transactions (transactions above $100,000) have been on a downtrend, with most daily transactions over the last two weeks in the single digits. SHIB Eyes Rally To $0.0003 Crypto analyst Javon Marks has predicted that the Shiba Inu price could rally to $0.00003. This came as he noted that SHIB looks to be already broken out of a key accumulation. He added that with prices having shown bull divergences earlier this year, the meme coin may be preparing for a surge of around 200%, which will lead to a retest of the resistance in the $0.000032 range. Related Reading: Shiba Inu Team Shares Major News, Could This Trigger A SHIB Bull Run? A positive for SHIB is the parabolic increase in the Shiba Inu burn rate. Shibburn data shows that the burn rate has increased by 145952.08% in the last 24 hours, with 621 million tokens burned during this period. This is a positive, given how these SHIB burns remove more coins from the circulating supply and could trigger a price increase as demand skyrockets. At the time of writing, the Shiba Inu price is trading at around $0.00001005, up in the last 24 hours, according to data from CoinMarketCap. Featured image from Getty Images, chart from Tradingview.com
The Shiba Inu derivatives market is again heating up, providing a bullish outlook for the SHIB price. This comes as the crypto market rebounds, with SHIB also recording notable gains in the past few days. Shiba Inu Derivatives Market Heats Up With Rising Open Interest CoinGlass data shows that the Shiba Inu derivatives market is heating up, with open interest rising as much as 15% on November 8. This indicates that traders are again betting on a significant price movement from the foremost meme coin. Notably, SHIB broke above the psychological $0.000010 level amid this rising open interest. Related Reading: Here’s Why Dogecoin And Shiba Inu Prices Are Crashing, Is A Recovery Possible? Further data from CoinGlass shows the long/short ratio is 0.9, indicating that more traders are betting on a Shiba Inu price surge than a decline. Meanwhile, this development comes as the crypto market rebounds from last week’s crash, which saw BTC drop below $100,000, dragging SHIB and other altcoins down. SHIB is up over 8% since last week. Fundamentals, such as the application for a Shiba Inu ETF, have sparked this rebound in SHIB’s price. This is expected to drive institutional capital into the SHIB ecosystem, potentially triggering price rallies. Furthermore, the U.S. government shutdown could end soon, which is also bullish for the SHIB price alongside the broader crypto market. From a technical analysis perspective, crypto analyst SHIB Knight noted that Shiba Inu is slowly accumulating and forming a bullish pattern. He added that once it breaks out of this low range, it will go higher. However, Santiment data shows that SHIB whales are still on the sidelines and are not accumulating more coins. The whales’ transactions (transactions above $100,000) have been on a downtrend, with most daily transactions over the last two weeks in the single digits. SHIB Eyes Rally To $0.0003 Crypto analyst Javon Marks has predicted that the Shiba Inu price could rally to $0.00003. This came as he noted that SHIB looks to be already broken out of a key accumulation. He added that with prices having shown bull divergences earlier this year, the meme coin may be preparing for a surge of around 200%, which will lead to a retest of the resistance in the $0.000032 range. Related Reading: Shiba Inu Team Shares Major News, Could This Trigger A SHIB Bull Run? A positive for SHIB is the parabolic increase in the Shiba Inu burn rate. Shibburn data shows that the burn rate has increased by 145952.08% in the last 24 hours, with 621 million tokens burned during this period. This is a positive, given how these SHIB burns remove more coins from the circulating supply and could trigger a price increase as demand skyrockets. At the time of writing, the Shiba Inu price is trading at around $0.00001005, up in the last 24 hours, according to data from CoinMarketCap. Featured image from Getty Images, chart from Tradingview.com
Crypto analyst Javon Marks has revealed that Shiba Inu has completed a bullish setup and that a rally of around 138% may be on the horizon. Fundamentals such as the new SEC rule also provide a bullish outlook for the foremost meme coin. Shiba Inu’s Bullish Setup Hints At 138% Rally In an X post, Marks said that Shiba Inu’s setup is still hinting at a rally of over 138%, which would send the SHIB price back to around $0.000032. He added that it is only a matter of time for this move to materialize as a bull signal holds confirmed, hinting at this move for the top meme coin. Related Reading: Shiba Inu Bulls Are Back: Here’s The 512 Billion SHIB Accumulation That Triggered A Spark Before now, Marks had highlighted a divergence confirmation for Shiba Inu, which led to his prediction that a bullish reversal could still be in the cards for the meme coin. SHIB has underperformed up till now, with a year-to-date (YTD) loss of around 38%. However, the analyst has claimed that SHIB could still rally to as high as $0.000081, which would bring it close to its current all-time high (ATH). The potential launch of a Shiba Inu ETF could be one of the catalysts that spark a parabolic run for the SHIB price. Marketing lead Lucie noted that SHIB has regulated futures on Coinbase, which makes it eligible for an ETF listing under the generic listing standards that the SEC just approved. Lucie stated that the big picture for Shiba Inu is that SHIB now joins the “ETF-watchlist club” with other futures-backed cryptos. She added that even before a SHIB-only ETF, the meme coin could be bundled into a multi-asset-backed ETF. A Shiba Inu ETF would inject new liquidity into the meme coin’s ecosystem and could spark higher prices. New ATH Incoming For SHIB In an X post, crypto analyst Shib Spain declared that a new ATH is incoming for Shiba Inu. He stated that the meme coin will bounce “hard” off the support zone around $0.000013 and rally to new highs. Crypto analyst Ragnar Shib remarked that SHIB is heating up, having recorded a 19% gain in the last 90 days. Related Reading: Shiba Inu Diamond Hands Are Refusing To Sell, Bulls Eye $0.00009 ATH The analyst stated that Shiba Inu remains the number one meme token on Ethereum and is fully decentralized, boasting a growing ecosystem that includes the layer-2 network Shibarium, as well as DeFi and NFT products. Crypto analyst Investing Haven highlighted that auto burns and the Shibarium upgrades continue within the SHIB ecosystem, which has helped reduce the circulating supply. However, he warned that the risk associated with the Shiba Inu ecosystem remains high. He also noted that SHIB is witnessing a tactical pullback, although the bull structure is still evolving. In line with this, he advised investors to track the burn rate and fixes in the Shiba Inu ecosystem. At the time of writing, the Shiba Inu price is trading at around $0.00001325, down in the last 24 hours, according to data from CoinMarketCap. Featured image from Adobe Stock, chart from Tradingview.com