SHIB: Holds $0.00000462 support as whale accumulation and exchange outflows strengthen. Momentum: Rising Open Interest and funding rates suggest stronger demand from leveraged traders. Outloo
Shiba Inu is showing fresh signs of strength after weeks of selling pressure. SHIB has bounced from a critical support zone near $0.00000462. Large holders also appear to be increasing their exposure again. Meanwhile, derivatives traders continue building positions as Open Interest rises. The recovery remains tentative, but buyers have gained a technical advantage. Now, SHIB must clear nearby resistance before bulls can confirm a stronger rebound.
https://twitter.com/i/status/2086698604560019927On-chain activity suggests large Shiba Inu holders have started accumulating again. Santiment data supports this early shift in whale behavior. Top non-exchange addresses held 533.41 trillion SHIB on Sunday. Those wallets held about 533.10 trillion tokens earlier last week. The increase remains modest, but the direction favors buyers. Exchange balances also provide another encouraging signal for SHIB bulls. SHIB held on exchanges fell to 138.74 trillion tokens Monday.
The figure reached 138.96 trillion on Friday. Lower exchange balances can reduce the supply available for immediate selling. That trend could support prices if demand continues rising. Whale trading activity also picked up during Friday's session. Large transactions above $1 million reached 10 trades that day. Combined with falling exchange supply, the activity suggests renewed interest. However, traders should still watch for stronger accumulation before calling a major trend reversal.
Retail traders have also maintained interest through the derivatives market. CoinGlass data shows SHIB futures Open Interest rose more than 4%. Open Interest reached approximately $46.86 million within 24 hours. Funding rates also climbed sharply during the same period. The funding rate reached 0.0100% Monday. Friday's reading stood near 0.0014%. Rising funding rates often show stronger demand for leveraged long positions.
SHIB recently bounced from the $0.00000462 support zone. This level matches the 78.6% Fibonacci retracement of the recent price move. The range stretches from $0.00000670 down to $0.00000405. Holding this support keeps the recovery scenario alive. The rebound also resembles the early stages of a double-bottom pattern. Traders will watch the $0.00000506 neckline for confirmation.
A sustained move above that level could strengthen the bullish setup. SHIB could then target the psychological $0.00000500 area first. A stronger move could push the token toward $0.00000538. This level represents the 50% Fibonacci retracement and a key resistance zone. Sellers previously capped gains around this area in late July.
Momentum indicators currently provide a mixed picture. The daily RSI sits near 51, showing a mild recovery from neutral territory. Meanwhile, MACD remains below the signal line. The bearish structure also continues expanding despite positive momentum.SHIB therefore needs stronger buying pressure before bulls can claim control.
