Shiba Inu Price Dips but 2 Key Metrics Suggest $0.00002 Still Likely

Highlights

Shiba Inu price has reversed from a multi-week high of $0.000013 but exchange flow metric and rising open interest suggest that the uptrend might resume.
Exchange outflows are outpacing inflows while open interest has risen to $170 million, showing most traders remain bullish.
If SHIB overcomes resistance at $0.000015, it will confirm a double bottom pattern that could fuel gains to $0.000025.

Shiba Inu price is down 4.4% at press time as the total crypto market cap slipped below $3 trillion again, as traders who bought into the recent rally sold to take profits. Amid this dip, two key metrics have stood out, suggesting that SHIB price might record another rally in the near term and possibly hit $0.00002.

Shiba Inu Price Eyes $0.00002 Despite Recent Dip

SHIB value today trades at $0.0000131 after retreating from a multi-week high of $0.0000138. Despite this decline, two metrics have flashed bullish signs and given hope to traders that this meme coin might avoid a crash back to its consolidation range.

The first metric is open interest, which recently rose to $170M, per data from Coinglass, marking its highest level in over one month. The surging OI indicates that derivative traders are opening new positions on Shiba Inu, as they anticipate that this top meme coin is on the verge of making a major move. Besides, the funding rates are positive, indicating that long traders are more than short sellers, which is also a bullish sign.

Shiba Inu Price Dips but 2 Key Metrics Suggest $0.00002 Still Likely — SHIB Open Interest

At the same time, on-chain data suggests that most SHIB holders are still hesitant to sell despite the early signs of a reversal after the price dropped by 4%. At press time, data from Santiment revealed that exchange outflows were outpacing inflows. This shows that more traders are willing to hold SHIB rather than sell on exchanges.

These two key metrics – the high open interest and exchange flow data – hint towards trader confidence that the Shiba Inu price will recover and potentially reach $0.00002.

SHIB Technical Analysis as Double Bottom Emerges

Shiba Inu price might still be poised for more gains as it appears to be forming a massive double bottom pattern on its daily chart. Usually, a double bottom pattern is confirmed when the price breaks the neckline, which in SHIB’s case, lies at $0.000015.

If the ongoing selling activity wanes and the broader market recovers to draw buyers back to the market, SHIB price could flip resistance at $0.000015 and kickstart a strong uptrend. The target price in this double bottom pattern lies at $0.000024.

This double pattern also supports a bullish Shiba Inu price prediction on why a rally to $0.00002 is still likely. However, to achieve this, the RSI indicator needs to resume the uptrend to indicate that a strong bullish momentum is still in play.

In conclusion, the rising open interest, exchange flow data, and the massive double bottom pattern on the daily Shiba Inu price chart show why a rally to $0.00002 is still likely for this meme coin. However, to attain this price, buyers need to step back and help drive the upward momentum.

Frequently Asked Questions (FAQs)

1. Can Shiba Inu price reach $0.00002 despite the recent dip?

Shiba Inu price can reach $0.00002 despite the recent dip as open interest and exchange inflow data flash bullish signs. A double-bottom chart pattern also suggests that this rally is likely.

2. What does the exchange flow data show about SHIB?

Exchange flow data shows that currently, traders are withdrawing Shiba Inu at a higher rate than they are sending their tokens to exchanges. This is also a bullish sign.

3. What’s the next resistance level for the Shiba Inu price?

The immediate resistance level for Shiba Inu price lies at $0.000015. This meme coin needs to overcome this resistance to surge to $0.00002.

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muthoni

Muthoni Mary is a seasoned crypto market analyst and writer with over three years of experience decoding blockchain trends, price movements, and market dynamics. She holds a Bachelor’s Degree in Commerce (Finance) from Kenyatta University, blending a solid academic foundation with a sharp eye for technical analysis and a deep understanding of on-chain data. Her work delivers clear, data-driven insights that empower investors to navigate the fast-evolving digital asset space with confidence. When she’s not analyzing the markets, Mary enjoys reading and travelling.

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