- If the price of the Shiba Inu remains above $ 0.0000136, this can rise by 15% to reach the next resistance level at $ 0.000017.
- Traders were delivered too much at $ 0.00001413 at the bottom and $ 0.00001513 at the top.
In the midst of the current market recovery, Shiba Inu [SHIB]The popular memecoin with dog theme has stolen the spotlight from large assets with its impressive performance.
At the time of writing, the Memecoin has risen more than 10%, so that the road is cleared for further upward momentum.
Shiba Inu price promotion and upcoming levels
If you wonder why the price of Shiba Inu rises, it started after breaking a crucial resistance level and the formation of a bullish head and shoulder pattern. From now on Shib Bullish remains.
Ambcrypto analysis suggests that if Shib remains over $ 0.0000136, it could rise by 15% in the coming days.
This increase of 15% corresponds to the length of the head of the neckline and can push the shib to the next resistance level at $ 0.000017.
Source: TradingView
At the time of the press, Shib traded near $ 0.0000149 and registered an increase of more than 10% in the last 24 hours. The trade volume also rose by 45% during this period, which emphasized with an increased trader and investors participation after the bullish breakout.
The relative strength index of Shib (RSI) was 62 and reflected a strong bullish trend with room for growth. The memecoin remained under the overbough area, which also suggests potential benefits in the coming days.
Rising positive sentiment
The Bullish price movement of Shiba Inu is further strengthened by statistics on chains.
According to data from Santiment, the overall weighted sentiment from Shiba Inu has shown a significant recovery in recent days, risen from -0,601 to 0.00061.
This improvement reflects an increasing optimism among traders and investors on social media, and plays an important role in stimulating the price.
Source: Santiment
However, if the weighted sentiment continues to improve, the price of Shiba Inu can continue to experience an upward move.
Important liquidation levels
The bullish prospects are reinforced by intraday traders, who, according to Coinglass, bet heavily on the long side.
Data shows that traders are used too much for $ 0.00001413 at the bottom and $ 0.00001513 at the top. They have built $ 1.63 million in long positions and $ 430k in short positions at these respective levels.
This suggests that Bulls currently prevails to dominate the market activity of the Memecoin.
Source: Coinglass
Credit : ambcrypto.com
