Shiba Inu (SHIB) Attracts More Long Trades, Faces Short-Term Decline Risks – analysis by BeInCrypto
SHIB’s futures open interest has trended upward since the beginning of the month. As of this writing, the meme coin’s futures open interest was $89 million, pegged at its highest since April 4.
SHIB’s funding rate has maintained a positive value, confirming that the rise in its open interest is a bullish sign.
While SHIB’s futures traders are opening positions in favor of a rally, readings from its price charts hint at the possibility of a short-term decline.
Firstly, the dots of its Parabolic SAR indicator were atop its price at price time. They have been positioned this way since April 3.
The indicator gauges an asset’s price direction and potential trend reversals. When its dots appear above the asset’s price, it signals that the current trend is downward and may continue if sentiment fails to improve.
Also, the coin’s Money Flow Index (MFI) rested below its 50 neutral zone at press time. 44.62 SHIB’s MFI showed that selling pressure exceeded accumulation amongst its traders.
If this trend continues, the coin’s price may fall from the $0.000026 region and settle at $0.000024.
However, if this is invalidated, SHIB’s value is expected to rise to $0.00003.
