SHIB Open Interest Jumps 18% as Price Rallies; Traders Watch Key Levels
Shiba Inu (SHIB) saw open interest (OI) rise about 18% after the token reversed recent losses, marking its biggest price move in weeks. According to CoinGlass, the surge in SHIB open interest reflected traders rebalancing risk on derivatives as a broad market “relief rally” lifted crypto.
On Monday, SHIB climbed from around $0.0000057 to $0.00000621 and posted a strong green daily candle. The latest SHIB open interest spike coincided with a wider liquidation event across crypto: about $570 million in positions liquidated in 24 hours, with shorts accounting for roughly $367.05 million versus longs at about $203.57 million.
Technical focus is now on whether SHIB can hold above its daily 50-day moving average area near $0.000006. If bulls maintain the level, the next upside target cited is about $0.00000644. A stronger breakout scenario would be a move and close above $0.000009, potentially opening a path toward the $0.00001 resistance zone. Traders also flagged upcoming U.S. economic data (PMI) as a near-term volatility catalyst.
Bullish
The combination of a sharp SHIB OI jump and a relief-driven price rebound typically leans bullish in the short run. Here, the SHIB open interest spike came alongside large overall liquidations, with shorts making up most of the cleared value. That pattern often accompanies “short covering,” which can fuel additional upside if spot demand follows.
Short-term, the market is likely to react to whether SHIB can hold above the ~$0.000006 area (near the daily MA50). Holding that zone suggests the squeeze/derivatives reset is still supporting buyers. A failure to sustain it would warn that the OI increase may have been more speculative and could unwind.
Longer-term, this looks like a positioning reset after weekly losses—technically, the article notes SHIB reversing weekly weakness and reclaiming the MA50 region. If SHIB later breaks and closes above the cited ~$0.000009 resistance, traders may shift from “relief rally” mode toward a more constructive trend expectation. Similar OI-expansion + short-liquidation events in past memecoin cycles have often created tradable momentum windows, but they can fade quickly if macro data (e.g., PMI) triggers risk-off sentiment.