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SHIB Open Interest Rises 2.03%, Reaching 11,36T SHIB amid renewed Trading Activity
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Stable exchange and price accumulation suggest possible bullish setup.
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IHS pattern in long-term chart indicates a trend reversal, if breakout confirms.
Shiba Inu’s (SHIB), a meme coin, is showing signs of renewed interest. Open interest has increased by 2.03% to 11.36 trillion SHIB, valued at $158.65 millions. CoinGlass data shows that the growth follows a period in which prices fluctuated and coincides with technical chart patterns indicating a possible trend change.
The increase in open interest is correlated with the increased activity of major exchanges in derivatives. Gate.io is currently leading with 54.18%, which is equivalent to 6.68 trillion SHIB valued at $85.97 millions. Other exchanges include Bitget at 2.02 trillion ($26.03million), OKX with 1.15 trillion ($14.86million), and Bitunix at 958.22 millions ($12.34million).
This distribution shows traders actively looking for potential upside. The increase in open positions indicates that traders are expecting a short-term or medium-term price movement. Participants are taking advantage of recent price declines to build up positions.
Related: Shiba Inu Price Prediction for the 4th of June 2025: Can Bulls hold support above $0.00001300 despite ongoing sell-off?
Price Holds Major Levels in the Face of Broader Market Signals
SHIB traded at $0.00001323, a 3.23% gain over the past 24 hours. The token’s trading volume was $143.69 millions, and its market cap reached $7.75 million. The volume-to market cap ratio was 1.85%, which indicates moderate engagement in relation to SHIB’s size.
Intraday trading saw a strong gain, from $0.00001276 at the end of June 2 to a high above $0.0000134 in early June 3. This was followed by a correction between $0.0000130-$0.00000132. The stable range of prices may indicate accumulation behavior despite recent volatility.
The inverse head and shoulders pattern suggests a bullish setup
JAVONMARKS a crypto analyst, confirmed the sentiment by highlighting an Inverse Head and Shoulders pattern (IHS) that developed between 2021 and 2020. This formation is often associated with bullish reversals. It features a left shoulders, a deeper low around mid-2023 forming the head, and a matching trough on the right shoulder.
Related:SHIB price Holds firm as bulls eye breakout above $0.00001300
The chart data and the current SHIB price, which is approximately $0.00001316, are in line with each other. This suggests that a trend reversal could occur if the pattern is confirmed.
A breakout above the neckline could also point to a price target of $0.00002847. According to JAVONMARKS the continuation of this pattern could push the price even further. However, confirmation through sustained volume or market validation is still necessary.
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