Shiba Inu (SHIB), the popular meme-based cryptocurrency, is showing signs of a strong price recovery even as large holders continue to offload their tokens. Meanwhile, futures market data suggests growing investor optimism.
SHIB Price Recovery Gathers Pace
After weeks of sideways movement, Shiba Inu’s price has gained more than 5% in the past week, climbing above the 23.6% Fibonacci retracement level of the May-June sell-off. This technical milestone indicates that bullish momentum is returning to the market, with traders now eyeing higher levels if the trend holds.
According to technical charts, SHIB’s 14-day Relative Strength Index (RSI) has moved above 50 — entering bullish territory for the first time since late May. This signal is often interpreted as a shift from bearish to bullish sentiment.
Rising Trading Volume Supports Bullish Outlook
Daily trading volumes have also exceeded the average of 307.5 billion SHIB, confirming increased market participation during the price rebound. Sustained high volume often validates a trend, indicating that the rally may have more room to grow.
Futures Open Interest Hits 7 Million SHIB
In a key development, open interest in SHIB perpetual futures on Binance has surged past 7 million SHIB, reaching its highest level since May 23. Open interest refers to the total number of active derivative contracts and is often used to measure investor engagement.
What makes this rise particularly noteworthy is the accompanying positive funding rates, which signal that most traders are taking long positions — betting that SHIB’s price will continue to rise in the short term.
Whale Activity Presents a Potential Headwind
Despite the bullish indicators, whale wallets have been selling large volumes of SHIB, potentially adding selling pressure to the market. While this can limit near-term upside, the fact that retail and institutional traders continue to enter long futures positions suggests confidence in Shiba Inu’s ongoing recovery.
Historically, SHIB has seen volatile price swings driven by both whale behavior and speculative momentum. But the current rise in futures open interest — combined with technical support and volume — points to a more structured recovery.
Can SHIB Maintain Its Uptrend?
As Shiba Inu continues to recover from recent lows, market watchers are closely monitoring support near current Fibonacci levels and volume trends. The rise in futures market participation signals a broader return of trader interest, which may fuel further upside — provided large holders don’t accelerate selling.
For now, the meme coin’s bullish indicators are aligning, and investor sentiment appears to be shifting back in SHIB’s favor.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.