Shiba Inu Price Consolidates as SHIB Open Interest Rallies 8%

The cryptocurrency market has continued to consolidate over the past couple of days. Despite this development, traders, particularly meme coin holders, remain optimistic about the future. Notably, Shiba Inu (SHIB) holders are betting on a price breakout in the midterm.

Shiba Inu open interest and renewed confidence

CoinGlass data shows that in the past 24 hours, SHIBs open interest has registered an uptick of 8.9% as its price continues to rebound.

Holders opened a total of 9.18 trillion SHIB, valued at approximately $117.82 million, in outstanding derivatives contracts. This comes as SHIB has maintained an upward but slow climb out of troubled zones in the last seven days.

The uptick in SHIBs open interest signals renewed confidence among holders that the gains of the last seven days could continue. They are, therefore, betting on the meme coin to sustain the current trajectory and reach newer levels.

As of this writing, the SHIB price was changing hands at $0.00001280, representing a 1.23% increase in the last 24 hours. The rise in SHIBs value on the crypto market is significant given the recent bearish pressure the meme coin has faced.

Notably, SHIB breached the $0.000010 support level and raised concerns about its future outlook. However, the token quickly recovered, as seen in the current price action.

Could SHIB break out by 63%？

Gate.io accounted for nearly three-quarters of the open interest figures as traders on the exchange committed 6.76 trillion SHIB, or 73.47% of the cumulative amount, valued at $86.56 million.

Other notable exchanges that saw increased interest were OKX with 1.03 trillion SHIB and Bitget with 874.55 billion SHIB.

In the meantime, analysts have projected that Shiba Inu might experience a 63% breakout based on the Bollinger Bands hint. Notably, this indicates that SHIB is either oversold or about to experience a price reversal.

Market observers maintain that SHIBs performance in the next couple of days will determine whether its recovery will linger. They opine that stabilizing the price with the burn mechanism could contribute to its resurgence.