On September 27, 2024, the cryptocurrency market witnessed a remarkable price reversal, with Shiba Inu (SHIB) standing out as a top performer. According to CoinMarketCap data, SHIB experienced an impressive price surge of over 20% in the last 24 hours, bringing its trading value close to the $0.0000187 mark.
SHIB Current Performance
During this period, the trading volume of SHIB escalated by an astounding 220%, signaling heightened participation from traders and investors following the recent breakout. This significant price movement raises questions about whether the SHIB price rally will continue or if a price correction is on the horizon.
Shiba Inu Technical Analysis and Key Levels
According to CoinPedia’s technical analysis, SHIB recently broke out of a prolonged descending trendline and reached a robust resistance level at $0.000020. Should it overcome this obstacle and close a daily candle above the $0.0000213 level, SHIB could potentially surge by another 35%, targeting the $0.0000285 level or even higher, provided the market sentiment remains positive.
Furthermore, SHIB is currently trading above the 200 Exponential Moving Average (EMA) on a daily timeframe, which indicates an uptrend. This breakout above the 200 EMA has positively shifted the overall market sentiment.
Such a bullish breakout is creating optimism among investors and traders, especially given that SHIB has been in a downtrend since March 2024.
Bullish On-Chain Metrics
At present, Coinglass’s SHIB Long/Short ratio stands at 1.015, reflecting a bullish market sentiment among traders. Additionally, the future open interest for SHIB has surged by 39%, suggesting that bulls are placing more bets on long positions rather than short ones.
Traders often look at the combination of rising open interest and a long/short ratio above 1 when building long positions. Currently, 50.53% of top traders are holding long positions, while 49.47% are holding short positions. This balance indicates a cautiously optimistic outlook for SHIB’s future price action.
In conclusion, Shiba Inu (SHIB) has shown remarkable performance in the cryptocurrency market with its recent price surge. The technical analysis and on-chain metrics suggest a bullish trend, but traders and investors should remain vigilant for any potential market corrections. Stay tuned for further updates on SHIB’s price movement and market sentiment.
