- Shiba Inu inflows to derivative exchanges have surged to a three-month high amid rising leverage.
- SHIB also made a bullish crossover on the one-day chart after the 50-day SMA moved above the 150-day SMA.
Shiba Inu [SHIB] traded at $0.000019 at press time after a slight 4.8% gain in 24 hours. These gains come as many altcoins track Bitcoin [BTC] performance, which is fast approaching its all-time highs.
The recent gains coincided with a spike in inflows to derivative exchanges. On 29th October, SHIB netflows to derivative exchanges reached a three-month high of 563 billion.
Source: CryptoQuant
Unlike in spot exchanges where rising inflows signal selling pressure, inflows to derivative exchanges usually indicate increasing leverage.
This data suggests that derivative traders could be opening new positions on SHIB. Per Coinglass, these inflows coincided with a spike in open interest and funding rates showing that traders were opening long positions.
An influx in long positions usually portrays bullish sentiment. At the same time, technical indicators suggest that SHIB is poised for more gains.
SHIB portrays bullish signs
Shiba Inu’s one-day chart shows a myriad of bullish signs after the 50-day Simple Moving Average (SMA) crossed above the 150-day SMA.
This crossover suggests that the short-term bullish momentum is gaining strength, which could support the continuation of the uptrend.
