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Shiba Inu rallies as market activity returns, but subdued derivatives open interest signals limited trader conviction behind the recent momentum.
Today, Shiba Inu ($SHIB) recorded a 24-hour gain of about 6.2%, reflecting renewed buying activity across the crypto market. The intraday chart shows a gradual upward climb, with a range between $0.000005322-$0.000005658.
Short-term performance data suggests improving momentum, with Shiba Inu posting gains of 0.7% over the past hour and 4.5% in the last seven days. However, the broader trend still reflects lingering pressure, as $SHIB remains down 4.9% over 14 days and 8.5% in 30 days.
Shiba Inu is rising again. However, is this the start of a real recovery or just another short-lived rally?
Is this Shiba Inu’s Moment?
The daily chart for Shiba Inu shows the token attempting a modest rebound after an extended downtrend, though the broader structure remains bearish. Price currently trades below the 50-day EMA ($0.00000638) and the 100-day EMA ($0.00000726), indicating that longer-term momentum still favors sellers.
These moving averages now act as overhead resistance. $SHIB would need a sustained push above these levels to confirm a stronger recovery trend rather than a temporary bounce.
Meanwhile, the Commodity Channel Index sits near -37, recovering from deeper negative readings earlier in the cycle. This shift toward the neutral zone suggests that selling pressure is beginning to ease and momentum is stabilizing.
However, because the CCI remains below zero and far from the +100 bullish threshold, the indicator signals that the current move likely represents early-stage recovery.
Shiba Inu Open Interest
Elsewhere, data from Coinglass shows that open interest in Shiba Inu derivatives has remained relatively subdued in recent weeks compared with earlier peaks. The chart indicates that open interest surged above $145 million in early January.
However, it has since declined and now fluctuates closer to the $53–$60 million range, signaling reduced speculative activity in the futures market. For a stronger and sustained price rally to develop, open interest would likely need to rise significantly from current levels.
For perspective, increasing derivatives participation often reflects fresh capital entering the market and stronger trader conviction behind upward momentum.