11,059,720,457,433 SHIB in 24 Hours: Shiba Inu OI Flips in Surprising U-Turn
Analysis
Price Impact
MedThe surprising flip in shiba inu's open interest (oi) back into the green is a positive sign for market liquidity, suggesting a potential reset as leverage is flushed out. however, current price action is down, and trading volumes are low, indicating indecision.
Trustworthiness
HighThe analysis is provided by u.today, a known crypto news source, citing verifiable data from coinglass and coinmarketcap. the article presents a balanced view of current market conditions.
Price Direction
NeutralDespite the increase in open interest, shib's price is currently down, and the broader crypto market sentiment is fragile. traders are taking a pause, leading to low volumes and sideways trading below key resistance at $0.000008, indicating market indecision.
Time Effect
ShortThe current situation suggests a short-term pause as traders reassess the market's next move. the focus is on immediate resistance and support levels, indicating a potential for short-term sideways movement before a clearer direction emerges.
Original Article:
Article Content:
Cover image via U.Today Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available. Read U.TODAY on Google News After an earlier drop, Shiba Inu open interest saw a surprising reversal, flipping back into the green. Advertisement Shiba Inu's open interest, an indicator of liquidity on the markets, increased 0.45% in the last 24 hours to $87.19 million, according to CoinGlass data . While the increase might seem small, it remains significant given a prior drop as Shiba Inu price fell with traders reducing exposure. HOT Stories Morning Crypto Report: Dogecoin to the Moon? $1.10 DOGE Price Scenario Revealed, Solana Phone Coin Explodes 400%, $1.37 Billion in XRP Risk Flooding Market Turkish Banking Giant Extends Ripple Partnership U.Today Crypto Review: XRP Prints Double Bottom, Shiba Inu (SHIB) Uptrend Available, Bitcoin (BTC) 'Now or Never' Price Moment U.Today Crypto Digest: Ripple Snatches Major Partnership in $5 Trillion Pool, XRP Defies Death Sentence, Shiba Inu Avoids BTC Selling Pressure The slight increase in open interest comes despite Shiba Inu's price drop. At press time, SHIB was down 0.51% in the last 24 hours to $0.00000786 and down 6.06% weekly. Advertisement SHIB price action The crypto market is largely trading in the red, as gains in equities and a weaker U.S. dollar failed to translate into a sustained rise for crypto after a volatile week. The Shiba Inu price was likewise down, falling 8.15% weekly. Most major cryptocurrencies remain down between 7% and 12% over the past week, indicating that sentiment on the crypto market remains fragile. As Shiba Inu open interest rebounds, the current setup hints at a reset as leverage gets flushed out of the market. This reset is, however, a quiet one, as volumes drop across spot and derivatives markets. Advertisement According to CoinMarketCap data , Shiba Inu trading volume across spot exchanges is down 27.87% in the last 24 hours to $82.26 million. Traders seem to be taking a pause to decide the market's next move and adjust accordingly. Shiba Inu faces immediate resistance at $0.000008, which coincides with the daily MA 50. Since Jan. 14, attempts by Shiba Inu to reclaim this level have not succeeded. If $0.000008 is conquered, Shiba Inu will aim at $0.000009 and $0.00001 next, while support is expected in the $0.000007 range if the price drops further. Another possibility is sideways trading below the daily MA 50 before the next upward move. #Shiba Inu (SHIB) News #Shiba Inu #Shiba Inu (SHIB) Price Prediction