- SHIB whales accumulate billions, sparking frenzy as price breaks resistance.
- Open interest jumps 10%, signaling bullish momentum despite death cross.
- Trading volume surges 207%, fueling optimism for sustained SHIB rally.
Shiba Inu has drawn massive attention after a surge in whale activity and derivatives trading pushed the asset past a key barrier. SHIB open interest increased by 10.15 percent over the past day, which shows that there is high bullish speculation in the market.
The SHIB price increased by 9.68 percent to $0.00001321 and reached $0.00001348 before slightly correcting. This was coupled with an overwhelming 207.08 percent increase in trading volume, which surged to $459.13 million. The breaking of the resistance level at $0.00001320 is a crucial indicator of further upsurge that traders are now observing.
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Whales Drive Momentum With Strategic Accumulation
This buildup has led to optimism that a rally is looming as whales position themselves. These moves usually act as a confidence indicator to retail traders, which adds to the rising momentum.
Data on the exchange further indicates where the frenzy is focused. Gate had close to half of all open interest, at 7 trillion SHIB valued at $92.56 million. Bitget added 2.58 trillion SHIB, OKX 1.34 trillion SHIB, and MEXC 1.34 trillion SHIB, which indicates broad platform participation.
Bulls Defy Bearish Technical Signals
The surge in open interest comes just days after a death cross was confirmed on SHIB charts. This technical indicator usually suggests bearish pressure. However, traders have defied the signal, betting heavily on a continued rise in price.
This is a very bullish sentiment in spite of the negative technicals and shows the community’s confidence. Investors are interested in the accumulation caused by whales and the increase in trading volume as the factors that will lead to the continuation of the momentum.
Source: Tradingview
The fact that Shiba Inu has broken resistance, as well as a significant increase in whale accumulation and open interest, has sparked new interest. With trading volumes and market participation at multi-month highs, bulls appear firmly in control.
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