As buying pressure increased, the Shiba Inu currency pair (SHIBUSD) broke through the top boundary of the symmetrical triangle.
Having acted as resistance since March 7, the popular memecoin Shiba Inu SHIBUSD is now trading above the upper border of the symmetrical triangle.
A guide on purchasing Shiba Inu SHIBUSD. Favorites from BeInCrypto’s inventory
Positive outlook on Shiba Inus
The market is shaping up favorably for Shiba Inu SHIBUSD. There are a number of indicators that suggest the bullish trend may continue.
A bullish signal is generated when the price breaks out above the symmetrical triangle’s upper boundary. Open interest (OI) dynamics, which are positive, help to strengthen it. Interest in the Open Market
How many contracts for different derivatives, like options and futures, are currently outstanding. This indicator shows how active and liquid the market is.
There is currently $77.26 million worth of open interest in SHIB futures. This number is at its highest point since April 14—a 38% increase from the beginning of the month—and suggests that more money is flowing into the asset and that more traders are opening new positions.
Another reason to be optimistic is the favorable financing rate. This system ensures that the perpetual futures market remains balanced between long and short positions. Long contracts are more prevalent when the value is positive, which means that the contract price is higher than the spot price. What this indicates is that a growing number of traders are purchasing the coin with the hope of selling it for a profit.
SHIB Prediction: A Retracement Could Happen First
Though the token is now trading above its long-term resistance level, a correction is still possible. Important technical signs make this clear.
The MACD indicator, for instance, can trigger warnings. This statistic shows how two price moving averages of an asset relate to one another. Two lines make up the index; one is the signal line, and the other is the MACD line. An indication to sell is when the shorter-term moving average falls below the longer-term one. Right now, this is the exact image that appears on the SHIB chart.
The Awesome oscillator also produces red bars. Many traders look for this color as a signal to begin selling or going short because it signifies bearish momentum.
Shiba Inu could fall to $0.00002535 if bearish pressures build up enough to push prices through the triangle’s lower boundary, which acted as support.
At the same time, if the upward trend continues to advance, the price might reach around $0.000028.