Shiba Inu Price Forecast: SHIB extends gains as trading volume and Open Interest climb
- Shiba Inu extends gains, trading above $0.0000060 on Tuesday after surging more than 10% the previous day.
- Rising trading volume, increasing open interest and positive funding rates support a bullish outlook for the meme coin.
- The technical indicators support further gains as momentum indicators show bullish control.
Shiba Inu (SHIB) extends its gains, trading above $0.0000060 at the time of writing on Tuesday after surging more than 10% the previous day. SHIB’s rising trading volume and Open Interest (OI) further support its bullish price action, with positive funding rates pointing to strengthening sentiment. On the technical side, momentum indicators also favor buyers, supporting further upside.
Rising trading volume and open interest support gains
Shiba Inu meme coin started the week on a positive note, rallying by double digit on Monday and extending its gains by nearly 3% on Tuesday. The dog-themed meme coin’s bullish momentum comes as trader activity and liquidity across the SHIB ecosystem increase. Santiment data shows that SHIB Chain’s trading volume rose from 74.69 million on Sunday to 210.90 million on Tuesday, heading toward the levels seen on August 21.
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During the same period, Shiba Inu’s derivatives metrics show strengthening conditions. CoinGlass’ Open Interest across exchanges chart for SHIB has been surging since mid-September, with outstanding contracts reaching 12.93 trillion coins on Tuesday. The increase in OI alongside rising prices and volume suggests that new long positions are entering the market, signaling a bullish outlook and raising the potential for further upside in SHIB.
In addition, the SHIB funding rate flipped positive on September 16, reading 0.0099% on Tuesday. This indicates longs are paying shorts, reflecting a bullish outlook for the meme coin.
Shiba Inu technical outlook: Bulls in control of the momentum
Shiba Inu price rallied over 10% and closed above the 200-day Exponential Moving Average (EMA) at $0.0000056 on Monday. As of Tuesday, SHIB is extending its gains, trading around $0.0000062 and nearing the key descending trendline.
If SHIB breaks and closes above this trendline zone around $0.0000063, it could extend the rally toward the next key resistance level around $0.0000068.
The Relative Strength Index (RSI) is rising toward the overbought level of 70, indicating strong bullish momentum. The Moving Average Convergence Divergence (MACD) showed a bullish crossover on Saturday, which remains intact, with rising green histogram bars, further supporting the positive outlook.
On the other hand, if SHIB corrects, it could extend the decline toward the 200-day EMA at $0.0000056.
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