SHIB Price Prediction: Bullish Momentum Signals Further Gains
Key Insights:
- SHIB price prediction shows that the meme coin is on the verge of a massive upside rally.
- Shiba Inu (SHIB) daily chart revealed that the price of the meme coin could see a 15% jump in the coming days.
- Whale transactions worth over $1 million have skyrocketed alongside the rising price, indicating a bullish sign.
As Shiba Inu’s price rebounds, SHIB price prediction becomes essential. It may offer insights into the meme coin’s potential direction in the coming days. Looking at the chart, the meme coin appears bullish despite its recent 26% gains.
The data indicate that the meme coin’s strong price rally has triggered a breakout from two significant bullish patterns. This momentum suggests further upward movement in the near term.
At press time, SHIB was trading near $0.00001361 and had recorded a price decline of over 3.75% in the past 24 hours.
The sharp price drops significantly affected trader and investor activity during this period. Going forward, as a result, recorded trading volume fell by 45%.
SHIB Price Prediction: Bullish or Bearish Outlook?
According to expert technical analysis, the SHIB price prediction for the coming days appears bullish. The price is currently retesting the breakout level at the $0.00001345 mark.
The meme coin has broken through a descending trendline that previously acted as strong resistance. It also confirmed a breakout from an inverted head and shoulders pattern.
This bullish price action has already lifted SHIB to a higher level. However, the price now appears to be retesting it.
If the meme coin’s rally sustains and holds the $0.0000133 support, SHIB price prediction indicates a 20% surge potential. This could drive the price to $0.00001623, continuing the bullish momentum.
SHIB price prediction could be bearish, and the SHIB price could fall by 12% until it reaches the $0.00001165 mark. Otherwise, it would be bullish.
The meme coin has been trading above the 200 Exponential Moving Average (EMA). This indicated that the meme coin is in an uptrend, and sellers in such a condition dominate the asset.
Meanwhile, SHIB’s Relative Strength Index (RSI) currently sits at 60. It highlighted that while the meme coin is nearing overbought territory, it still shows strong momentum. Additionally, it has enough room to extend its rally.
Whale Transactions Soar: Bullish Sign?
At press time, SHIB was trading near $0.00001361 and had recorded a price decline of over 3.75% in the past 24 hours. During the same period, the massive decrease severely impacted traders’ and investors’ participation, leading to a 45% drop in trading volume.
On-chain data shows a 133.33% spike in whale transactions between $1 million and $10 million over the past week. This surge suggests growing interest from large holders, potentially fueling further price movements. Given the current market scenario, this is a bullish sign.
Bullish On-Chain Metrics
Despite the ongoing price correction, the on-chain analytics tool Coinglass reveals that traders have been strongly betting on the bullish side. At press time, SHIB traders were over-leveraged between $0.000013 (support) and $0.0000144 (resistance).
SHIB price prediction suggests a highly volatile market as long positions total $1.70 million, surpassing $1.10 million in short positions. This imbalance could influence future price movements.
The on-chain metrics further reveal that traders betting on the long side outnumber those on the short side. The Binance SHIBUSDT long/short ratio currently stands at 2.52, indicating a strong bullish sentiment among traders.
Additionally, 71.63% of top SHIB traders on Binance hold long positions, while 28.37% hold short positions.
When combining these on-chain metrics, bulls have dominated the SHIB meme coin and could continue its upside momentum. Meanwhile, the bullish outlook from whales and traders hints at an ideal buying opportunity.
