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Cryptocurrency News Articles
Shiba Inu (SHIB) Trade Volume Soars to $500 Million in 24 Hours, Showing Signs of Potential Bullish Momentum
Oct 05, 2024 at 07:20 pm
Shiba Inu (SHIB) saw a dramatic rise in trade volume over the past 24 hours, climbing by 24.75% to nearly $500 million. Coupled with increased open interest and a key technical rebound, SHIB shows signs of potential bullish momentum.
The price of Shiba Inu (SHIB) has seen a dramatic rise in trade volume over the past 24 hours, climbing by 24.75% and reaching nearly $500 million. This surge in trading activity is accompanied by a significant increase in open interest and a key technical rebound, indicating potential bullish momentum for SHIB.
Shiba Inu Coin Derivatives See Surprising Spike
Over the course of the last twenty-four hours, the trade volume of Shiba Inu has seen a staggering increase of 24.75%, reaching a total of $499.29 million. This marks a significant rise in trading activity for the meme coin.
Data from Coinglass shows a substantial rise in Shiba Inu coin derivatives, which saw an increase of 26.31% in the past twenty-four hours, amounting to more than thirty-seven million dollars.
Shiba Inu (SHIB) price⬆️ trade volume over the past 24 hours. Image: Coinglass.
Shiba Inu Coin Price Chart Depicts Key Resistance at 100 EMA
Moreover, the open interest in SHIB has seen a considerable increase of 14.65%, which is equivalent to $53 million. This metric showcases the total amount of outstanding derivatives contracts, indicating the depth of the market and traders’ interest in maintaining their positions.
Notably, Shiba Inu (SHIB) has shown resilience in maintaining a critical price support level, as reported by U.Today earlier this week.
This technical level, which is closely monitored by traders, acted as a point of support for the token. Maintaining the 100 exponential moving average (EMA) suggests that bullish sentiment for SHIB remained strong despite the recent market losses. This rebound may drive further上涨趋势 if market conditions remain conducive.
At the time of this publication, SHIB is trading at a price of $0.00001767, showing an increase of 4.67% in the past twenty-four hours. Additionally, its market capitalization has seen a gain, rising to $10.4 billion.
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