Shiba Inu [SHIB] is the second largest crypto MEME coin globally, and after consolidating for nearly 10 days, it is about to welcome a bull market.
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Crypto giants grab 1.67 trillion SHIB tokens
Additionally, a significant increase in foreign exchange outflows was observed on November 7, leading to a 62% surge in the price of SHIB. However, this time, I expect this MEME coin to experience a similar upward trend.
Apart from this large-scale acquisition, massive users and investors appear to be increasingly active in SHIB, leading to a 98% surge in trading volume.
These large-scale acquisitions and the surge in trading volume indicate strong buying opportunities and signal a bullish trend.
SHIB Technical Analysis and Key Levels
As of the time of writing, SHIB is breaking out of a bullish descending triangle on the four-hour timeframe.
Based on the current price action, if SHIB successfully breaks out and closes above $0.000025 on the four-hour candle, the MEME coin could potentially soar 45% to reach the $0.0000365 level in the coming days.
Additionally, SHIB is currently trading above the 200-period Exponential Moving Average (EMA) on both the four-hour and daily charts, indicating an upward trend. Its Relative Strength Index (RSI) also suggests a potential bullish momentum in the coming days.
Bullish On-Chain Indicators
In addition to the technical analysis, on-chain indicators further support the bullish outlook for this MEME coin. According to data from on-chain analytics firm Coinglass, SHIB's Open Interest (OI) has been increasing significantly, indicating higher trader participation following the breakout.
Over the past four hours, the MEME coin's OI has surged by 4.95%, and it has further increased by 2.15% in the last hour.
Moreover, SHIB's long-short ratio on Binance is currently at 3.50, reflecting strong bullish sentiment among traders. Currently, 77.8% of the top traders on Binance are holding long positions, while 22.2% are holding short positions.
The combination of these on-chain indicators and technical analysis suggests that the bulls are currently in control of the asset and may support its upcoming rebound.
As of the time of writing, SHIB is trading at around $0.0000246, up 2.37% in the past 24 hours. During the same period, its trading volume has increased by 10%, indicating higher participation from traders and investors compared to the previous day.
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