Shiba Inu (SHIB) Sees 3.23% Gain, Open Interest Rises 2.03%

Shiba Inu (SHIB) has recently shown signs of renewed investor interest, with open interest on the meme coin increasing by 2.03%, reaching 11.36 trillion SHIB valued at approximately $158.65 million. This growth follows a period of price volatility and aligns with technical chart patterns that suggest a possible trend reversal. The rise in open interest corresponds with increased derivatives activity across major exchanges, with Gate.io leading with 54.18% of the total open interest, equivalent to 6.68 trillion SHIB worth $85.97 million. Other exchanges include Bitget, OKX, and Bitunix, indicating that traders are actively aiming for potential upside.

At the time of writing, SHIB was trading at $0.00001323, showing a 3.23% increase over 24 hours. The token’s market cap reached $7.75 billion. Intraday trading showed a solid gain from $0.00001276 on June 2 to a peak above $0.0000134 by early June 3, followed by a correction and consolidation between $0.0000130 and $0.0000132. The stable price range may indicate accumulation behavior, despite the backdrop of recent volatility.

An inverse Head and Shoulders (IHS) pattern developing between 2021 and 2025 has been highlighted by a crypto analyst. This formation, commonly linked to bullish reversals, features a left shoulder, a deeper low forming the head around mid-2023, and a right shoulder with a similar trough. The current SHIB price of approximately $0.00001316 aligns with the chart data, supporting the potential for a trend reversal if the pattern is confirmed. A possible breakout above the neckline of this pattern could point to a target near $0.00002847. According to the analyst, the continuation of this trend could push the price further, though confirmation through sustained volume and market validation remains necessary.

Supporting the bullish narrative is the latest derivatives data, which reveals a shift in SHIB’s open interest. The total number of outstanding futures and options contracts has increased, indicating growing interest and potential for price movements. Additionally, SHIB’s trading activity has surged, signaling that traders remain actively engaged despite recent market volatility.

However, Shiba Inu continues to face challenges, including a historically bearish June performance. For SHIB to convincingly flip bullish, it must breach the critical resistance zone at $0.0000145. This level remains a crucial hurdle before any sustained upward momentum can take hold. Some analysts warn of the potential for SHIB to sweep below current levels to trigger stop losses before reversing sharply, adding a layer of complexity to the current market dynamics.

Despite these challenges, the overall sentiment remains cautiously optimistic. The combination of bullish chart patterns, rising open interest, and increased trading activity suggests that Shiba Inu could be poised for a trend reversal. Investors and analysts will be closely monitoring the situation as SHIB navigates through these critical levels, hoping for a breakout that could lead to significant gains.