Shiba Inu (SHIB), the world's second-largest crypto meme coin, is exhibiting bullish momentum after a notable price decline in recent days. This follows a shift in sentiment from negative to positive.
SHIB Price Breakout Near? Key Levels to Watch
In recent days, SHIB has been consolidating due to bearish market sentiment and a struggle to gain momentum. However, as sentiment shifts and begins to recover, the meme coin has reached the breakout level of an ascending triangle on the four-hour timeframe. If SHIB successfully breaches the pattern and closes a four-hour candle above the $0.000017 level, there is a strong possibility it could soar by 20% to reach $0.000020 in the near future.
Traders' and Investors’ Mixed Sentiment
Despite the bullish outlook, traders and investors have shown mixed interest in the meme coin. Coinglass data reveals a significant inflow of $1.65 million worth of SHIB to exchanges, indicating a potential sell-off. Meanwhile, intraday traders seem optimistic as they have increased their open positions, with SHIB’s open interest rising by 12% in the past 24 hours, indicating the formation and buildup of new positions.
Major Liquidation Level
At press time, the major liquidation levels, where traders are over-leveraged, are at $0.00001545 and $0.00001695. Traders are holding $1.26 million worth of long positions and $166,369 worth of short positions at these levels. On-chain metrics support SHIB’s bullish short-term setup, but traders must watch for a decisive breakout above $0.000017 to confirm the uptrend.
The SHIB cryptocurrency is potentially on the verge of growth due to shifting sentiment and market dynamics. Traders and investors now closely watch the key levels to determine future price movement.
