Shiba Inu Open Interest Jumps 8% – Is the Meme Coin Gearing Up for a Breakout?

Shiba Inu’s derivatives market just flashed a bullish signal—Open Interest spiked 8% overnight. Traders are piling in, but will the price follow?

Open Interest surges often precede big moves. Either the ’doge killer’ is about to eat zeroes... or this is another classic crypto leverage trap. Place your bets.

Fun fact: Wall Street still calls this ’speculative’ while quietly hoarding BTC ETFs. Priorities.

Shiba Inu bears threaten a 9% price drop

Source: SHIB/USDT on TradingView

The meme coin saw a bullish breakout in the second week of May, but the trend could not advance beyond $0.000017. This resistance level marked a lower high from mid-February.

Over the past three weeks, shiba inu has sunk toward the former range highs at $0.000014.

The 20 and 50-day moving averages showed that momentum was still bullish, but has weakened considerably. The SHIB market structure was on the verge of flipping bearishly.

A session close below $0.0000142 would achieve this structure shift.

The CMF has sunk to the zero level, indicating that capital FLOW did not favor either buyers or sellers. The OBV has been moving sideways in May.

Shiba Inu’s lower highs in recent days formed a descending triangle pattern (yellow). The weakened momentum and falling demand suggested that this pattern could mark a bearish trend reversal.

Source: CoinGlass

The liquidation heatmap agreed with this finding. The 1-month heatmap noted a cluster of liquidity just under $0.000014, the former range highs, and the current support level.

This concentration of liquidation levels has built up over the past ten days.

It was close to the Shiba Inu market price. Combined with the triangle pattern noted earlier, it was highly likely that SHIB would see a 3% drop soon.

This could open the floodgates to the sellers and drive the memecoin toward the mid-range support at $0.0000129, a 9.3% drawdown from the current price.

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion