- Shiba Inu experienced an 11% price increase in the last 24 hours, outperforming the broader cryptocurrency market.
- Futures market activity rose, with Shiba Inu futures Open Interest increasing by 2.62% to $80.51 million, signaling growing investor confidence.
- Technical indicators show weakening bearish momentum, with the Relative Strength Index at 47 and the MACD nearing a bullish crossover.
- Resistance levels at $0.00000913 and the psychological barrier of $0.00001 are key targets in the current recovery.
- Downside risks remain, with potential support to retest at $0.00000780 if the bears regain control.
Over the past day, Shiba Inu posted an 11% surge in price, reversing several days of losses and surpassing gains in the broader cryptocurrency market. This rebound has brought the token above $0.00000800, with bulls targeting an immediate resistance level at $0.00000913, which corresponds to the November 29 high.
Futures market data reveals increased activity, with Shiba Inu futures Open Interest climbing 2.62% to reach $80.51 million, according to CoinGlass. This rise indicates growing confidence among investors. The memecoin sector as a whole shows renewed interest, as Dogecoin futures Open Interest rose 4.33% to $1.38 billion during the same period.
Technical analysis of the SHIB/USD 4-hour chart shows bearish momentum weakening. The Relative Strength Index (RSI), an indicator measuring buying and selling pressure on a 0-100 scale, stands at 47, just below the neutral point of 50, suggesting reduced selling pressure. The MACD (Moving Average Convergence Divergence), which identifies trend changes through moving averages, is approaching a bullish crossover, hinting at a possible upward move.
If the current recovery continues, breaking the $0.00000913 resistance could lead to a test of the $0.00001 psychological level, a price barrier that has been difficult to overcome since November 12. However, downside risks persist. Should sellers regain control, Shiba Inu may retest the recent low of $0.00000780, potentially undermining the ongoing rally. Maintaining support above $0.00000800 remains critical for the token’s short-term momentum.
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