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Shiba Inu (SHIB) Price Consolidates as SHIB Open Interest Rallies 8%
The price of Shiba Inu (SHIB) is currently consolidating, as the cryptocurrency’s open interest has surged by a whopping 8%. This significant increase in buying activity could be indicative of a potential turnaround for the asset.
In recent times, the Shiba Inu market has been subject to intense selling pressure, leading to a series of losses. However, this recent surge in open interest could potentially signal a shift in sentiment. As investors continue to buy and hold SHIB, it is possible that we may see a stabilization or even a reversal of the asset’s downward trend.
At present, SHIB’s price remains trapped within its current range, which has been established since March 4th. This consolidation period could be indicative of increased buying activity as well as a potential sign that the selling pressure might be subsiding.
As per recent market analysis, Shiba Inu (SHIB) is likely to experience a 63% breakout based on Bollinger Bands indications. Such a significant increase in price would mark a remarkable turnaround for SHIB, and this possibility remains an exciting prospect for investors.
In addition to the potential rally, there have been speculations that stabilizing the price with the burn mechanism could significantly contribute to its resurgence. If this were to occur, it is plausible that SHIB’s value might rebound.
Source: https://u.today/shiba-inu-price-consolidates-as-shib-open-interest-rallies-8
