- SHIB gained over 10% as trading volume climbed to 210.90 million and open interest increased.
- Positive funding rates and bullish MACD signals support SHIB’s recovery and growing market confidence.
- A breakout above $0.0000063 could push SHIB toward $0.0000068, while $0.0000056 remains key support.
Shiba Inu is gaining momentum as buyers push prices higher. The meme coin climbed above $0.0000060 after a strong double-digit rally. Rising trading volume and open interest suggest growing participation across the market. Positive funding rates also point to improving trader confidence. Meanwhile, technical indicators show that bullish momentum remains strong. However, SHIB now faces an important resistance level. A breakout could open the door to further gains.
Rising Trading Volume and Open Interest Strengthen SHIB’s Rally
Shiba Inu started the week with a strong rally, gaining more than 10% on Monday. The token extended those gains by nearly 3% on Tuesday. According to Santiment data, SHIB Chain trading volume increased significantly during this period. Volume climbed from 74.69 million on Sunday to 210.90 million on Tuesday. This increase suggests that market participation is picking up. Trading activity is also approaching levels recorded on August 21.
Derivatives data provides another reason for traders to watch SHIB closely. CoinGlass data shows that open interest has increased steadily since mid-September. Outstanding contracts reached 12.93 trillion SHIB on Tuesday. Rising open interest alongside higher prices often signals growing market participation. The combination may indicate that traders are opening additional long positions. However, open interest alone cannot confirm whether bullish momentum will continue.
Funding rates offer another clue about market sentiment. SHIB’s funding rate turned positive on September 16. By Tuesday, the rate had reached 0.0099%. Positive funding means traders holding long positions pay those holding short positions. This trend generally reflects stronger demand for bullish exposure. However, excessive optimism can sometimes increase liquidation risks during sudden price reversals.
SHIB Price Analysis: Can Bulls Break Above $0.0000063?
SHIB’s technical outlook has improved following Monday’s sharp advance. The token closed above the 200-day Exponential Moving Average near $0.0000056. On Tuesday, the price climbed toward $0.0000062. Buyers now face a descending trendline around $0.0000063. A decisive daily close above this barrier could strengthen the bullish outlook. If SHIB clears resistance, the next target sits near $0.0000068. Such a move would signal continued buying pressure.
The Relative Strength Index is climbing toward 70, showing strong bullish momentum. However, approaching overbought territory could also invite short-term profit-taking. Meanwhile, the MACD maintains a bullish crossover from Saturday. Rising green histogram bars provide additional evidence of improving momentum. SHIB could face renewed selling if buyers fail to overcome resistance.
A pullback may bring the 200-day EMA near $0.0000056 back into focus. Holding above that level would help preserve the recent recovery. Losing support could weaken the bullish structure and encourage further declines. Ultimately, SHIB’s next move depends on resistance and continued market participation. Rising volume, open interest, and positive funding rates support the current rally.
