In the ongoing potential bull run, Shiba Inu (SHIB), the popular and the second largest meme coin, is about to end its consolidation and is poised for a massive upward rally. This bullish speculation stems from the coin’s positive price action and continued attention from investors and traders.
Shiba Inu technical analysis and upcoming levels
According to expert technical analysis, SHIB appears bullish after breaking out of a steeply declining trendline, which it has been facing since March 2024. However, the outbreak has not yet been confirmed. Due to bullish market sentiment and Bitcoin’s notable upward rally, SHIB appears bullish and could rise significantly in the coming days.
Based on recent price action and historical momentum, if SHIB closes a daily candle above the $0.000021 level, there is a strong possibility that the asset could rise 50% to reach the $0.000029 level in the coming days.
However, the meme coin is trading above the 200-day exponential moving average (EMA) on the daily time frame, indicating an uptrend. The 200 EMA is a technical indicator that traders and investors use to determine whether an asset is in an up or down trend.
SHIB’s bullish thesis will only hold if the daily candle closes above the $0.000021 level, otherwise it could fail.
Bullish statistics in the chain
The meme coin’s positive outlook is further supported by on-chain metrics. According to the on-chain analytics company Mint glassSHIB’s Long/Short ratio currently stands at 1.03, indicating strong bullish sentiment among traders.
Moreover, open interest has increased by 27% in the last 24 hours and 11% in the last four hours. This rising open interest indicates growing interest from traders and the construction of more positions compared to the day before.
Traders and investors often take into account rising open interest and a long/short ratio of more than 1 when building long positions.
Current price momentum
At the time of writing, SHIB is trading around $0.0000188 and has experienced a price increase of over 6% in the last 24 hours. During the same period, trading volume shot up 125%, indicating greater participation from traders and investors amid a potential upside rally.
Credit : coinpedia.org
