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<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/shiba-inu-futures-market-shrinks" data-wpel-link="internal" rel="noopener noreferrer nofollow">Shiba Inu Futures Market Shrinks</a><br></p>
<p style="text-align: justify">The Shiba Inu futures market has experienced a notable decline in activity recently. The open interest in SHIB futures, currently at its lowest since February 14, reflects this trend. SHIB is trading at $0.000014, mirroring its price level from March 1. This downturn is largely attributed to the <a href="https://en.bitcoinhaber.net/investors-eye-volatile-cryptocurrencies" data-wpel-link="internal" rel="noopener noreferrer nofollow">memecoin</a>‘s sliding value.</p>
<h2 id="why-is-shib-declining">Why is SHIB Declining?</h2>
<p style="text-align: justify">According to Coinglass data, SHIB’s futures open interest stands at $26 million, having decreased steadily since July 19, amounting to a 51% drop in the past 16 days. Open interest represents the total number of futures contracts not yet settled. A decrease in this metric typically signals reduced market activity and waning investor confidence in the asset’s <a href="https://newslinker.co/what-are-the-future-technologies/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="exclude">future</a> price.</p>
<p style="text-align: justify">Despite these indicators, SHIB’s predominantly positive funding rate on various cryptocurrency exchanges suggests a different narrative for the memecoin. Since its year-to-date peak of $0.000035 on March 6, SHIB’s price has been on a downward trajectory. However, the weighted funding rate has remained largely positive, indicating continued demand for long positions among futures traders.</p>
<h2 id="is-shib-on-the-verge-of-recovery">Is SHIB on the Verge of Recovery?</h2>
<p style="text-align: justify">The Relative Strength Index (RSI) for SHIB’s daily chart shows a potential for price recovery, with the RSI at 29.03. RSI evaluates <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">market conditions</a> as overbought or oversold; a value of 29.03 suggests that SHIB might be oversold and poised for an upward correction.</p>
<p style="text-align: justify">Nevertheless, other indicators paint a less optimistic picture. The Chaikin Money Flow (CMF) for SHIB has been decreasing alongside its price. Currently, the CMF value is below zero at -0.15, indicating a bearish trend. A negative CMF suggests that more money is exiting the asset than entering it, further emphasizing the selling pressure.</p>
<h2 id="key-takeaways-for-investors">Key Takeaways for Investors</h2>
<p style="text-align: justify">– Monitor SHIB’s RSI for potential signs of price recovery.<br> – Keep an eye on the CMF value for indications of market sentiment.<br> – Be cautious of SHIB’s predominantly positive funding rate, which might not fully reflect the underlying market sentiments.<br> – Track SHIB’s open interest in futures to gauge market activity.</p>
<p style="text-align: justify">If the current trend persists, SHIB’s price could drop to $0.000012, a level last seen on July 5. Conversely, if liquidity starts flowing back into SHIB, an uptrend could push the price to $0.000020.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/shiba-inu-futures-market-shrinks" data-wpel-link="internal" rel="noopener noreferrer nofollow">Shiba Inu Futures Market Shrinks</a></h5>

Shiba Inu Futures Market Shrinks

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