Shiba Inu aims for 40% rally as BTC nears ATH: On-chain data suggests…

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  • 62.08% of top SHIB traders held long positions, indicating that bulls are dominating the market.
  • SHIB’s trading volume surged by 190%, signaling that bulls were back in the market.

As a seasoned researcher with years of experience navigating the cryptocurrency market, I find myself increasingly intrigued by the recent developments surrounding Shiba Inu [SHIB]. The current bullish sentiment is palpable, with traders and investors alike showing renewed interest in this meme coin. The 62.08% long position held by top SHIB traders indicates that the bulls are indeed dominating the market, a fact that I find quite exhilarating given my penchant for spotting trends early.

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The well-known digital currency, Shiba Inu [SHIB], currently ranked as the second largest meme coin by market value, has been creating a stir within the world of cryptocurrencies due to its recent surge in price activity.

Additionally, the present market outlook seems supportive towards the meme coin since Bitcoin [BTC] is getting close to its All-Time High (ATH).

Shiba Inu’s technical analysis and key levels

Based on AMBCrypto’s technical assessment, Shiba Inu (SHIB) seems optimistic as it was about to surge past a significant falling trendline, which has limited its growth since March 2024.

Apart from the trendline breakout, Shiba Inu (SHIB) is also exhibiting a bullish inverted head-and-shoulder chart pattern over a weekly timeframe, and it seems close to finishing the formation’s second shoulder.

If Shiba Inu (SHIB) manages to surpass its current trend and concludes a daily or weekly chart above either $0.000019 or $0.000021, it’s likely that we could witness a 40% increase, potentially reaching the $0.000030 mark in the upcoming period.

Bullish on-chain metrics 

The optimistic viewpoint for SHIB is reinforced by data from the blockchain. As reported by the blockchain analytics firm Coinglass, SHIB’s Long/Short Ratio over a four-hour period is currently 1.637, suggesting a dominant bullish attitude among traders, implying they are more likely to buy rather than sell.

Furthermore, there was a 17% increase in Open Interest (OI) within the last 24 hours, with a consistent upward trend observed.

The growing optimism among traders about the meme coin is reflected in their tendency to take up more long-term investment positions, indicating a strong belief in its future potential.

At press time, 62.08% of top traders held long positions, while 37.92% held short positions.

Traders sentiment and current price momentum 

As a crypto investor, I frequently keep an eye on increasing Open Interest (OI) and Long-Short Ratios surpassing one, while constructing my long positions. This approach helps me gauge market sentiment and potential price movements more effectively.

Furthermore, these optimistic blockchain indicators, coupled with technical analysis, suggest that at present, the market is dominated by bulls, hinting at an upcoming breakthrough.

Read Shiba Inu [SHIB] Price Prediction 2024-2025

Currently, Shiba Inu (SHIB) is being traded around $0.0000182, having witnessed an increase of more than 7.85% in its value over the last day.

Over that timeframe, the trading activity significantly increased by an impressive 190%, indicating a surge in involvement from both traders and investors, fueled by rising optimism in the market.

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2024-10-29 21:11