Shiba Inu (SHIB), the second-largest crypto meme coin, is expected to see a price increase. It has formed a bullish pattern on its four-hour time frame, and the overall market sentiment is shifting from a downtrend to an uptrend. This suggests that SHIB may break its consolidation pattern.
According to technical analysis, SHIB is currently at the bottom of its consolidation zone, where it has been for the past 32 days. The daily chart shows that SHIB has been trading within a range of $0.00002013 and $0.00002466, and it is currently at the lower boundary of this range. On the four-hour chart, it is the fifth time that SHIB has reached this lower level. Based on recent price action and historical momentum, there is a strong possibility that SHIB could increase by 18% and reach the $0.00002466 level in the coming days. The Relative Strength Index (RSI) also indicates a bullish signal.
On-chain analytics firm CoinGlass reveals that long-term holders are accumulating SHIB. Exchanges have seen an outflow of over $32 million worth of SHIB in the past 48 hours. This suggests that investors are moving the token from exchanges to their wallets, indicating potential accumulation. This could lead to a buying opportunity, increased upside potential, and buying pressure.
Combining this on-chain metric with the technical analysis, it appears that bulls are dominating the market and pushing SHIB towards the upper boundary of its consolidation zone.
Currently, SHIB is trading near $0.000021, experiencing a price decline of over 1.85% in the past 24 hours. The trading volume has also dropped by 58%, indicating lower participation from traders and investors compared to the previous day.
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