Crypto Market Review: $SHIB shows strong divergence between the price and the RSI, while $ETH shows two-year high in OI
tendencies in the cryptocurrency trading community, the market's performance was far from showing any weakness as the majority of assets have been gradually gaining value and even showing double-digit returns in some cases.Shiba Inu, the meme cryptocurrency, has delivered a bearish divergence in its Relative Strength Index signal.
Despite the bearish signal, Shiba Inu has been showing a solid performance on the market since the beginning of the year, gaining more than 70% to its value. The asset has become one of the strongest performing cryptocurrencies on the market, attracting numerous investors and traders.Ethereum Open Interest, a measure of the amount of outstanding contracts on the Ethereum options and futures market, has recently reached a two-year high.
Open interest is the total number of outstanding contracts on a future or options market. It represents the total amount of money invested in a particular derivatives market and is considered a key indicator of market activity and liquidity. When open interest rises, it generally means that more money is flowing into the market, creating more liquidity and greater market activity.
Another factor that could be contributing to the spike in trading volume is the potential long-term view of Lido Finance as a leading liquidity provider for staked Ethereum. With Ethereum being one of the most popular and widely used cryptocurrencies in the world, having Lido Finance as a reliable provider of staked Ethereum liquidity is a significant advantage for the asset.
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