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Shiba Inu delivered its strongest price performance in weeks as improving macro sentiment triggered a broad relief rally across global markets.
Notably, Shiba Inu ranks among the key beneficiaries of the renewed risk appetite, supported by a notable surge in derivatives activity that signaled fresh trader interest.
Key Points
- Shiba Inu surged nearly 8% on Monday, rising from $0.0000057 to $0.0000062.
- Open interest has surged tremendously, increasing 9.27% to $49.14 million.
- Market volatility triggered $62,490 in liquidations over 24 hours, with long positions accounting for $37,380.
- Analysts suggest $SHIB is nearing a breakout from a descending triangle pattern.
Shiba Inu Recent Performance
On Monday, $SHIB climbed sharply from approximately $0.0000057 to $0.0000062, marking a gain of nearly 8%. This rally represented its most significant daily performance since mid-February.
Additionally, open interest in $SHIB derivatives jumped by as much as 18%, confirming that traders were actively repositioning. Although the token briefly retraced to around $0.000006047, it quickly regained momentum and moved back above $0.0000062. At press time, $SHIB traded at $0.000006247, reflecting a 2.09% increase over the past 24 hours.
Meanwhile, derivatives data show that open interest remains elevated, rising 9.27% to $49.14 million within a day.
$SHIB Liquidation Hits $62K in 24 Hours; Analyst Eyes Potential Triangle Breakout
However, this volatility has also triggered liquidations across the market. In the past 24 hours alone, total liquidations reached $62,490, with long traders accounting for the majority at $37,380, while short positions made up roughly $25,120.
Despite these fluctuations, bulls have continued to defend the critical $0.0000060 support level since the start of the Monday rally. This resilience has strengthened the case for a potential breakout.
Notably, analyst Leeron Shim noted that $SHIB is approaching a breakout from a descending triangle pattern formed in mid-February. Previous attempts to break this structure on March 16 failed, leading to price declines. However, Shim suggested that current support from the 100-day moving average could provide the strength needed for a successful breakout.
Factors Required for Breakout
For confirmation, he noted that $SHIB must close above the descending resistance trendline and attract fresh capital. If achieved, the token could retest its January peak near $0.00001009.
In the meantime, accumulation trends support this outlook. Recent data shows that investors have been withdrawing significant amounts of $SHIB from exchanges, signaling a preference for holding.
Specifically, about $6.75 million in $SHIB has been withdrawn, compared with $5.98 million in inflows over the past day. This results in net outflows of roughly $746,910, equivalent to over 119 billion $SHIB leaving exchanges.