SHIB Price Prediction: 40% Surge Likely As Bullish Signals Flash
Key Insights:
- Shiba Inu (SHIB) price prediction for the coming days appears bullish, as the meme coin has broken out of a bullish pattern.
- The daily chart reveals that Shiba Inu (SHIB) could witness a 40% rally in the coming days.
- Whale participation in the meme coin has soared by 50%, indicating that the asset is poised for a massive rally.
SHIB price has broken out of a bullish price pattern, signaling strong upside momentum. A shift in market sentiment has fueled a 20% price surge.
The meme coin has overcome several barriers, including a descending trendline. It has also breached key horizontal resistance levels, reinforcing its bullish trajectory.
Bullish Market Sentiment & SHIB Price Momentum
However, this bullish outlook is supported by whales and long-term holders, as they have increased their participation in the meme coin. At press time, the SHIB price was trading near $0.000015. Moving ahead, the token had registered a price surge of over 7.5% in the past 24 hours.
The meme coin’s strong price action and bullish outlook attracted significant trader and investor participation. This surge in interest led to a remarkable 180% increase in trading volume, highlighting growing market confidence.
This surge in trading volume and price indicates a strong trend in the meme coin and reinforces SHIB’s bullish outlook.
SHIB Price Action and Technical Analysis
According to expert technical analysis, SHIB price prediction for the upcoming days appears bullish. It is poised to continue its upside momentum.
Per the daily chart, the meme coin has recently broken out of a bullish inverted head-and-shoulders price action pattern. Additionally, the chart shows that SHIB has successfully retested the breakout level, confirming it as a valid breakout.
If SHIB price sustains its upward momentum and stays above $0.00001406, its price outlook could turn bullish. This scenario may lead to a potential price surge of over 40%. The meme coin could then reach the next resistance level at $0.000020.
The bullish outlook could weaken if SHIB drops below the $0.000014 level and closes a daily candle under it. This scenario may trigger selling pressure, potentially leading to a price correction.
Despite the notable upside rally, SHIB’s Relative Strength Index (RSI) remains below the overbought territory. It stands at 65, indicating that the meme coin has enough room to continue its upward momentum in the coming days.
The 200 Exponential Moving Average (EMA) is positioned above SHIB’s current price, acting as a potential resistance level. This suggests that SHIB may struggle to break above this key technical barrier, which could impact its bullish momentum.
Bullish On-Chain Metrics
Whale and long-term holder participation have surged amid SHIB’s bullish price action. On-chain analytics from Coinglass and IntoTheBlock confirm this rising interest.
Whale transactions between $1 million and $10 million have jumped by 50%. Meanwhile, investor transactions ranging from $10k to $100k and $100k to $10 million have increased by 32.94% and 52.50%, respectively.
This surge in whale participation in the meme coin indicates strong interest and confidence in the asset. Coinglass’s spot inflow/outflow metrics show a significant outflow of the meme coin.
Exchanges across the crypto market have seen $5.94 million withdrawn in the past 24 hours. This trend suggests increased accumulation and reduced selling pressure.
Such a notable outflow of assets amid the trendy market indicates potential accumulation. This could lead to buying pressure and a further upside rally.
Investors, whales, and long-term holders are betting on the bullish side, and traders are following the same market sentiment. The Binance SHIBUSDT Long/Short ratio at press time stands at 2.76, indicating a strong bullish sentiment among traders.
This metric further reveals that 73.38% of traders are betting on the long side, while 26.62% are on the short side.
SHIB price action, along with key on-chain metrics, suggests strong bullish dominance. The increased participation from whales and investors reinforces this trend. There is a high probability that SHIB will maintain its upward momentum.
