Shiba Inu (Shib) The top meme-mint shows a strong bullish potential with a attached pattern with double bottom and rising open interest.
Shiba Inu (Shib) Price forecast before 23 February
After a remarkable price decrease after the crypto robbery of Bybit $ 1.4 billion, the total cryptocurrency market seems to be recovering. In the midst of this, Shiba Inu (Shib), the popular and second largest meme-mint, is ready for a considerably upward momentum as a result of a bullish price action pattern that forms in the daily period.
Shiba Inu (Shib) Technical analysis
According to the technical analysis of experts, Shib Bullish seems because his daily graph is a bullish price pattern with double bottom. In addition, the technical indicators have flashed a bullish divergence, indicating potential upward impulse.
The meme -Munt has further strengthened these prospects and has also formed a bullish flooding candlestick pattern that has strengthened its bullish potential.
Shib price forecast
Based on recent price promotion and historical patterns, if the meme coin closes a daily candle above the level of $ 0.00001565, there is a strong possibility that it can rise by 30% to reach the level of $ 0.000020.
During the rally, the meme-mint initially rose by 10% to attach the double bottom pattern. As soon as this pattern has been violated, the meme coin could continue its upward momentum to reach the level of $ 0.000020.
Despite these bullish prospects, the meme coin will remain under the 200 exponential advancing average (EMA) on the daily period, indicating that it is still active in a downward trend.
Current price momentum
SHIB is currently being traded near $ 0.00001565 and has risen more than 5.10% in the last 24 hours. In the same period, however, the trade volume fell by 32%, indicating a lower participation of traders and investors compared to the previous day.
Mixed on-chain statistics
With this bullish price promotion, sentiment among traders and long -term investors seems to differ. Data of Coinglass suggests that traders are bullish because they seem to benefit from the current price momentum, which leads to increased long positions and a jump of 6% in the open interest of the meme currency.
In the meantime, long -term holders have dumped their participations. According to data, scholarships have witnessed an inflow of $ 1.21 million to the MEME MUNT in the last 24 hours, which indicates a potential sale.
By combining all these statistics with technical analysis, it seems that bulls are currently dominating actively and that the meme coin can soon shoot up.
Credit : coinpedia.org
