Shiba Inu, the popular meme-themed cryptocurrency, exhibits significant price momentum due to a newly formed bullish pattern. Recent days have been favorable as the coin broke a descending trendline, confirming further growth potential.
Current SHIB Technical Analysis
Following the breakout, Shiba Inu turned bullish, partially shifting its market sentiment from a downtrend to an uptrend. CoinPedia's technical analysis suggests that if the coin's price continues to rise and closes above $0.0000138, there is a strong chance of a 45% increase to $0.000020 in the future. Despite this positive development, Shiba Inu remains below the 200 EMA, keeping the trend downwards.
Shiba Inu Price Momentum
At press time, SHIB is trading around $0.0000139, with a price increase of over 2% in the last 24 hours. The trading volume has risen by 6% during the same period, indicating heightened activity from traders and investors.
Key Liquidation Levels
With this bullish action, intraday traders appear strong on the long side. According to Coinglass, traders are currently over-leveraged at $0.0000132 lower side and $0.00001413 upper side, building $1 million in long positions and $270.5K in short positions. This suggests bulls are currently dominating, potentially supporting further rallies.
Shiba Inu has captured attention in the crypto market with its recent price actions. Analysis indicates that despite certain technical barriers, the coin has the potential to grow further, making it crucial for traders and investors to monitor its trends closely.
