The Shiba Inu price experienced a major setback over the past few weeks, resulting in it plunging by over 4% in 30 days. However, the SHIB memecoin has maintained its value above the $0.00001250 mark, suggesting a high possibility of a bullish reversal in the upcoming time. While the monthly high stands at the $0.00001770 level, this altcoin has displayed a sideways action for a brief period.
SHIB’s On-Chain Analysis:
The SHIB Futures Open Interest fell to $166 million from $181 million on May 01, 2025, during the previous month. This trend action indicates less capital is currently deployed in that market or more profit-booking and exit from their long/short positions.
Despite the recent increase in the selling pressure amid the downturn, the OI-weighted funding rate has turned positive to +0.0090%. Notably, when the Open Interest (OI)-Weighted Funding Rate is rising, it means that bullish leverage is increasing across the market on contracts with large open interest.
SHIB Memecoin Price Prediction:
Forming a triangle pattern, the Shiba Inu price has been trading within a triangle pattern since the month of April began. However, this memecoin has faced a major setback over the past few months, resulting in it recording a YTD return of -39.48%. With a market cap of $7.56 billion, it has a dominance of 0.2299%.
The Relative Strength Index (RSI) indicator in the daily time frame witnesses a sharp downfall toward the oversold range and is currently valued at 37.84. This suggests increasing negative sentiment for the second-largest meme coin in the market.
The Shiba Inu coin price could retest its high of $0.000015 from May 23. Additionally, rising adoption and optimism in the crypto market could push the price to $0.000020 this month.
On the contrary, increased liquidation may pull the price down to support the triangle pattern. Moreover, a sustained bearish action could result in the SHIB meme coin crashing toward its April 07 low of $0.000010.
Also Read: When Will Shiba Inu Coin Price Hit $1?
