Evaluating the Potential for a 20% Price Surge in Shiba Inu
Shiba Inu might be gearing up for a notable surge in price momentum in the upcoming days.
Being one of the most well-known memecoins in the market, Shiba Inu has recently been among the top-trending digital assets on X platform. This observation holds significant importance as it could impact the projected breakout movement.
What leads to this assumption? Well, Shiba Inu has been trading within a wedge pattern over a long period, with clear support and resistance levels throughout the year.
The consistent selling pressure on Shiba Inu has gradually approached the edge of this wedge pattern. This indicates a potential breakthrough from the current trading pattern. Despite the chance of a temporary dip, the substantial discount suggests a bias towards bullish sentiment, particularly if there is notable accumulation.
The increased social sentiment surrounding Shiba Inu in the last 24 hours is a positive signal of growing interest in the asset. This indicates that more traders are likely to take notice of the potential breakout opportunity.
As of the latest data, SHIB was trading at $0.0000134. The next significant target appears to hover around $0.0000161, representing a 20% increase from the current price. Subsequently, a 45% surge would be needed to breach the next resistance level.
Is Shiba Inu Gaining Momentum?
In our analysis of market sentiment, the battle between long positions and short positions revealed intriguing yet somewhat modest results. According to Hyblock Capital data, the number of net long positions exceeded net short positions in the past 24 hours, although net shorts were under 300,000.
This data validates the increased demand for the bulls in the derivatives sector. However, it doesn’t definitively predict that the price will align with these expectations. A deeper insight can be gained by examining Shiba Inu’s ownership statistics.
Stats from IntoTheBlock on large holders indicated a significant inflow of 2.09 trillion SHIB in the past day, while outflows were relatively lower at 527.8 billion. This indicates a fourfold higher accumulation in whale addresses compared to the selling pressure.
The gathered data strongly suggests substantial accumulation by whales, indicating alignment with the bullish outlook and a potential breakout on the trading charts.