- SHIB maintains bullish structure with strong support at $0.00001501 and $0.00001520.
- Technical indicators like RSI and MACD suggest room for further SHIB gains.
- Surge in SHIB open interest and volume signals increasing trader engagement.
Shiba Inu (SHIB) has drawn notable attention from traders following its recent price surge and rising market engagement. As of May 23, the cryptocurrency is trading at $0.00001546, up by 2.32% in the past 24 hours.
This performance is backed by increasing open interest and moderate volatility, suggesting that the meme token may be preparing for further upward movement. Key technical indicators are flashing subtle bullish signals as of May 24.
Support and Resistance Levels
SHIB’s price action reflects a steady climb marked by higher lows and highs, pointing to a mild uptrend. The coin found strong support at $0.00001501 earlier in the day. This level served as a springboard for the price to recover, showing clear buyer interest. Another area of support formed around $0.00001520, where the price consolidated multiple times before resuming its upward move.
On the resistance side, SHIB faces a challenge at $0.00001600. The price touched this level during the day’s peak but failed to hold above it. Another zone of concern lies between $0.00001580 and $0.00001585, where the price faced repeated rejections. These levels now act as key checkpoints for traders watching for a breakout or a pullback.
Technical Indicators Signal Bullish Momentum
Looking at technical indicators, SHIB’s Relative Strength Index (RSI) stands at 58.11. This places the token in a slightly bullish position without being overbought. Consequently, there may still be room for further price gains.
The MACD (Moving Average Convergence Divergence) shows signs of a bullish crossover. The MACD line is approaching the signal line, indicating building momentum. Although the difference between the two lines remains narrow, it still reflects a gradual upward shift.
Volume and Open Interest Confirm Trader Engagement
SHIB’s 24-hour trading volume has risen to $400.62 million, marking a 3.17% increase. This aligns with growing market interest and supports the latest price behavior.
Notably, open interest has jumped by 21.26%, totaling $23.1 million in perpetual contracts. OKX dominates this metric with over $20 million in active positions.
