Shiba Inu (SHIB), the world's second-largest crypto meme coin, is resuming a bullish trend after a notable price drop.
SHIB Price Breakout Near?
In recent days, due to bearish market sentiment and a lack of momentum, SHIB was found consolidating. However, as sentiment shifts and begins to recover, the meme coin has reached the breakout level of an ascending triangle pattern on the four-hour timeframe. Historical price patterns show this level has been tested multiple times, experiencing selling pressure, yet the current positive sentiment may alter this. A successful breach and candle close above $0.000017 could indicate a potential 20% rally to $0.000020.
Traders' and Investors’ Mixed Sentiment
Amidst a bullish outlook, traders and investors have shown strong interest in the meme coin. According to Coinglass data, exchanges have witnessed significant inflows of SHIB worth $1.65 million, coinciding with the price surge, which could indicate a potential sell-off. Meanwhile, intraday traders appear optimistic, increasing their open positions, with SHIB’s open interest rising by 12% in the past 24 hours.
Major Liquidation Levels
At press time, major liquidation levels remain at $0.00001545 on the lower side and $0.00001695 on the upper side. Traders hold $1.26 million worth of long positions and $166,369 worth of short positions at these levels. On-chain metrics support a bullish short-term setup for SHIB, but traders need to watch for a breakout above $0.000017 to confirm the uptrend.
With a shift in sentiment and technical signals, Shiba Inu shows potential for growth. However, investors and traders should closely monitor price levels to confirm the sustainability of the bullish trend.
