Shiba Inu Price Analysis: SHIB Eyes $0.000020 as Elon Musk Mentions DOGE at Trump Rally…

The Coinglass charts below depicts how Shiba Inu’s open interest and funding rate trends, showing how SHIB speculative traders have reacted to Elon Musk’s positive mentions DOGE coin in the last 48 hours.

First, SHIB Open interest has increased from $48.22 million on Oct 16 to hit $55.26 million at the time of publication on Friday Oct 18. Likewise, the SHIB funding rate surged to 0.018%, its highest in 20-days dating back to Sept 28.

Typically, when an asset’s open interest and funding rates rise simultaneously, strategic investors interpret this as a bullish signal for two key reasons.

• Heightened Demand: First, an increase in both open interest and funding rates signals that traders are actively entering new positions, expecting a price increase.In this case, the spike in SHIB’s open interest suggests a surge in buying activity likely fueled by Elon Musk’s positive mentions of Dogecoin.

Given SHIB’s historical correlation with DOGE, this optimism likely spilled over into SHIB, triggering more traders to engage.

• Confidence in Sustained Upward Momentum: Secondly, a rising funding rate indicates that long positions are willing to pay a premium to hold onto their trades. This suggests that the majority of traders are betting on further upside, reflecting market-wide confidence in sustained upward momentum.

In SHIB’s case, the surge in funding rates reinforces the bullish sentiment and underscores expectations that prices may continue to rise in the short term.

These combined signals suggest that SHIB could experience further gains as long as market enthusiasm holds, particularly if DOGE continues to perform well in the wake of Elon Musk’s bullish mentions.

Shiba Inu Price Forecast: Elon Musk’s DOGE Mentions Could Drive SHIB above $0.000020

As Shiba Inu price approaches the crucial $0.000020 resistance, the increase in capital inflows towards the SHIB futures markets amid Elon Musk’s DOGE mentions could provide much-needed support for a sustained breakout.

Technical indicators on the SHIBUSD chart below also affirm this optimistic stance. complete the TA part expertly, be emphatic, and coherent with the narrative.

Over the last 3-days SHIB’s price has been consolidating within a narrow range between $0.000017 to $0.000019, poised for a breakout as the Parabolic SAR dots move beneath the daily timeframe candlestick. This typically signals a bullish reversal, suggesting that buyers are beginning to regain control of market momentum.