- SHIB could soar by 45% to reach $0.0000365 if it closes a four-hour candle above the $0.000025 level.
- Currently, 77.8% of top traders on Binance hold long positions, while 22.2% hold short positions.
As a seasoned crypto investor with a knack for spotting trends and understanding market dynamics, I find myself quite intrigued by the current state of Shiba Inu [SHIB]. The recent acquisition of 1.67 trillion SHIB tokens by whales and institutions, coupled with the surge in large transaction volume, is a clear sign that the meme coin might be gearing up for a bull run.
As a researcher studying the cryptocurrency market, I’m excited to share some insights about Shiba Inu [SHIB], the second-largest meme coin globally. After a nearly 10-day period of consolidation, this digital currency appears primed for an upward trend, or as some might say, a ‘bull run.’
Crypto whales grab 1.67 trillion SHIB tokens
Furthermore, the specialist noted a considerable increase in withdrawals from exchanges on November 7th, resulting in a substantial 62% increase in SHIB’s value. On this occasion, analysts and crypto fans predict a repeat of such bullish market behavior for the meme token.
In addition to the big purchase, there’s growing interest in Shiba Inu (SHIB), as evidenced by whales and investors becoming more involved. This increased activity has resulted in a substantial 98% jump in large transaction volume, according to the on-chain analytics company IntoTheBlock.
These significant purchases, along with the increase in big deals, point towards a robust investment opportunity and hint at a positive upward trend in the market.
SHIB technical analysis and key levels
At the moment, based on professional technical assessment, Shiba Inu (SHIB) appears to be breaking out of an upward sloping triangle pattern on the 4-hour chart, suggesting potential bullish momentum.
If Shiba Inu (SHIB) manages to surpass its current price level of $0.000025 and ends a four-hour trading period above that point, there’s a high likelihood it could jump by approximately 45% to hit around $0.0000365 in the near future.
Furthermore, SHIB’s current trading price is above the 200 Exponential Moving Average (EMA) on both the four-hour and daily charts, suggesting a rising trend. Simultaneously, its Relative Strength Index (RSI) suggests there could be increasing upward momentum in the near future.
Bullish on-chain metrics
Besides looking at technical aspects, on-chain indicators also strengthen the optimistic viewpoint for the meme coin. As reported by the on-chain analytics company Coinglass, the open interest (OI) of SHIB has been rapidly rising, suggesting a surge in trader involvement after the breakout, which is a positive sign.
Over the last 4 hours, the meme coin’s Options Interest (OI) has significantly increased by approximately 4.95%. Moreover, within the past hour, there’s been a further rise of around 2.15% in its OI.
Moreover, the long/short ratio for SHIB on Binance is at 3.50, indicating a predominantly optimistic outlook among investors. Presently, approximately 77.8% of leading traders on Binance are long, while about 22.2% are short.
By looking at these blockchain indicators and analyzing them technically, it appears that buyers (bulls) are presently holding the upper hand in this digital asset, potentially strengthening its imminent price increase.
As of current reporting, SHIB was close to $0.0000257 in transactions, marking a 1.2% increase over the last 24 hours. Simultaneously, its trading activity surged by 10%, suggesting increased interest from traders and investors compared to the preceding day.
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2024-11-22 11:03