Shiba Inu [SHIB] has recently exhibited a bullish pattern on its daily timeframe. This positive trend has caught the attention of cryptocurrency enthusiasts, who appear to be amassing the digital asset.
Despite some profit-taking actions, the general market sentiment is currently upbeat and stable.
Factors Driving Shiba Inu’s Bullish Sentiment
The main factors contributing to SHIB’s optimistic outlook include increasing investor interest, positive price movements, and recent activities by Binance traders.
Reports from Coinglass indicate that exchanges have observed an outflow of $32 million worth of SHIB in the last two days. This significant movement suggests a shift of funds to wallet holders, possibly creating a buying surge and propelling further upward momentum.
On-chain data analysis reveals that both long-term holders and traders are showing bullish signs.
The current Binance SHIBUSDT Long/Short ratio is at 3.79, signifying a strong bullish sentiment among traders with nearly four long positions for every short position.
Furthermore, data indicates that 79.11% of top SHIB traders on Binance maintain long positions, while 20.89% are in short positions.
Shiba Inu (SHIB) Price Trends and Technical Insights
Despite the positive activity from traders and investors, SHIB finds itself at a level with a history of significant price turnarounds.
Technical analysis by CryptoCrypto reveals that the meme-inspired coin has been trading in a parallel channel pattern for the past 32 days, fluctuating between $0.000020 and $0.000025.
Currently, SHIB’s price sits at the lower boundary of this channel, hinting at a possible uptrend in the near future.
SHIB’s Price Projection and Current Market Momentum
Considering past price movements, SHIB may see a 20% surge to reach the upper limit of the bullish channel pattern.
An upbeat development in SHIB’s four-hour chart is the formation of a bullish divergence, indicating a strong positive momentum in the days ahead.
With SHIB’s Relative Strength Index (RSI) close to 45, it suggests that the coin is oversold, making it primed for a significant upward movement.
As of the latest data, SHIB is trading around the $0.000020 mark with a modest price uptick of 1.25% over the past 24 hours.
However, trading volume has decreased by 28% in the same duration, hinting at reduced engagement from short-term traders and investors.