Shiba Inu (SHIB) Long Trades on the Rise

Wednesday, 22 May 2024, 12:59
Despite a bullish outlook with positive funding rates, Shiba Inu (SHIB) faces potential decline risks attributed to bearish sentiments. The increase in futures open interest and positive funding rates suggest elevated demand for long positions, but technical indicators hint at a short-term price dip. Traders anticipate a rally, yet caution is advised due to possible downward trends in the near future.
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Shiba Inu (SHIB) Long Trades on the Rise

Shiba Inu Long Positions Surge

SHIB’s futures open interest has surged to $89 million, signaling increased demand for long positions.

Positive Funding Rates

SHIB's funding rate remains positive, indicating strong demand for long positions in futures contracts.

Potential Decline

Technical indicators, like the Parabolic SAR and Money Flow Index, suggest a short-term price decline for SHIB despite bullish sentiment.

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