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By Cryptowarrior · Posted
Shiba Inu (SHIB) has opened trading on October 7, 2024, at $0.000018 with 3.74% gain in last 24 Hours as per Coinpedia markets data, marking a remarkable 20% increase over the weekend. Recent on-chain data suggests a mix of bullish indicators that could push SHIB above the $0.000020 level in the coming week. Weekend Rally Boosts Memecoin Market The global memecoin market saw a resurgence over the weekend, driven by increased investor confidence. Expectations of further interest rate cuts from the U.S. Federal Reserve have contributed to this renewed risk appetite. While newer tokens like Solana memes are gaining traction, classic favorites like Shiba Inu and Dogecoin continue to show impressive growth. Shiba Inu Derivatives Market Shows Bullish Trends Recent trends in Shiba Inu's derivatives market are signaling a bullish outlook, supported by open interest (OI) and funding rate dynamics. Open Interest on the Rise Increase in Open Interest: Between October 4 and October 7, Shiba Inu’s open interest in futures contracts climbed from $43.5 million to $51.5 million, an 18% increase. Spot Market Participation: The price increase of 20.15% outpaced the growth in open interest, indicating that the rally is largely supported by spot market investors rather than speculative traders. Why This Is a Positive Sign Support from Spot Markets: The fact that price gains outstripped open interest growth suggests that investors buying actual tokens are driving the price action. Spot market rallies typically indicate stronger demand and more conviction from long-term holders. Increased Commitment: The rise of $8 million in open interest means that more traders are entering the SHIB market. This influx of capital shows a growing belief in the sustainability of the upward trend. Looking Ahead Given these trends, Shiba Inu appears well-positioned to potentially break through the $0.000020 mark soon. The combination of strong spot market support and increasing open interest suggests a bullish sentiment among investors. For a deeper dive into Shiba Inu's potential and price predictions, be sure to check out our detailed Shiba Inu Price Prediction article! -
By iamcryptic · Posted
In esssene. BNB is bullish Right?? -
By iamcryptic · Posted
Usually yes. But this month. I'm not really sure. But I'll give a detailed verdict in one week time..
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