Can It Go Even Higher?

The volume of SHIB futures on OKX alone has surpassed $50 million, indicating a significant increase in speculative activity for Shiba Inu. The development indicates that derivatives traders are still heavily involved despite the subsequent cooldown and comes soon after the token’s sharp price expansion. 

Largest liquidity provider

OKX is by far the largest individual contributor displayed in the SHIB volume heatmap, with about $52.27 million in futures volume. Bitget records $10.97 million, MEXC records $12.66 million, and LBank records $22.42 million. The concentration on OKX is noteworthy because it indicates that a single trading venue accounts for a sizable portion of the current SHIB derivatives activity. 

Nevertheless, futures volume by itself cannot determine whether traders are primarily bearish or bullish. Since counterparties are involved in every derivatives transaction, increasing volume mainly indicates increased speculation and participation. The timing is especially crucial. 

Shiba Inu’s market strengh

Recently, SHIB made an incredible daily move from about $0.0000045, briefly surpassing $0.0000060 before losing some of the gains. At the moment, it trades at about $0.00000547. One of the biggest volume spikes seen on the daily chart in recent months coincided with the first breakout. In terms of technology, SHIB has advanced significantly. At roughly $0.00000462–$0.00000495, the token is still above its shorter-term moving averages. 

The long-term moving average close to $0.00000573, however, continues to be a direct barrier. SHIB managed to push through this level for a brief period of time but was unable to maintain a position above it. After momentarily entering overbought territory, the RSI has cooled to about 63, which lessens some of the immediate overheating without destroying the bullish momentum structure. 

Thus, the next big test is located between $0.0000057 and $0.0000060. A daily close above this range might expose the $0.0000062–$0.0000065 area and transform the recent spike into a more convincing structural breakout. SHIB would be at risk of another retracement toward $0.0000050 and possibly the moving-average cluster below if it were unable to recover it. 

For the time being, the $52 million OKX futures figure unequivocally shows that traders have reentered SHIB. Whether buyers can eventually get past the long-term resistance directly overhead will determine whether that activity results in another price increase.