In this bull run, despite opting for blue-chip cryptocurrencies majority of investors and traders opting meme coins for a quick profit. While examining the growing interest in meme coins, CoinPedia’s technical expert highlighted Shiba Inu (SHIB), the second-largest crypto-meme coin, as being poised for notable upside momentum.
Shiba Inu (SHIB) Technical Analysis and Upcoming Level
According to expert technical analysis, SHIB has broken out of a tight consolidation zone near the horizontal level of $0.0000295. With this recent breakout, the path for upside momentum appears clear. Based on price action, there is a strong possibility that the meme coin could soar by 30%, reaching the $0.000041 mark in the coming days.
On the positive side, SHIB is trading above the 200 Exponential Moving Average (EMA) on the daily timeframe, indicating an uptrend. Meanwhile, the Relative Strength Index (RSI) is currently below the overbought area, suggesting that SHIB still has enough room to soar in the coming days.
RSI is a technical indicator that determines whether an asset is oversold or overbought, helping traders and investors make informed decisions about building positions.
Bullish On-Chain Metrics
With this bullish price action, it appears that whales and institutions have shown strong interest and confidence in the meme coin, as reported by on-chain metrics from Coinglass.
$51.63 Million SHIB Outflow From Exchanges
According to SHIB spot inflow/outflow data, exchanges have witnessed a significant outflow of $51.63 million worth of SHIB since the beginning of December 2024.
In the cryptocurrency context, outflow refers to the movement of assets from exchanges to wallet addresses, indicating that long-term holders have accumulated significant amounts of meme coins. This outflow suggests a perfect buying opportunity, hints at potential upside momentum, and further reduces selling pressure.
83% Top Traders Hold Long Position
In addition to long-term holders, traders have also shown confidence in the meme coin. According to data, the SHIB long/short ratio on Binance currently stands at 5, indicating strong bullish sentiment among traders.
Currently, 83.35% of top traders on Binance hold long positions, while 16.65% hold short positions.
Current Price Momentum
At press time, SHIB is trading near $0.0000315 and has registered a price gain of over 4.35% in the past 24 hours. During the same period, its trading volume has surged by 80%, indicating heightened participation from traders and investors in response to SHIB’s bullish outlook.
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