As of December 25, 2024, Shiba Inu (SHIB), the second-largest meme cryptocurrency by market capitalization, is on the verge of breaking out from its current consolidation phase. Over the past five trading days, the broader cryptocurrency market has experienced a shift in sentiment, transitioning from a downtrend to an uptrend. This positive momentum is reflected in major cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and XRP, which are all witnessing upward movement.
Bullish On-Chain Metrics
The prevailing positive sentiment has sparked renewed interest among traders and long-term holders of SHIB. According to Coinglass, an on-chain analytics firm, there is a noticeable rise in interest in SHIB, further indicating growing confidence among long-term holders.
$10 Million SHIB Outflow
Data from the SHIB spot inflow/outflow analysis reveals a substantial $10 million outflow from exchanges over the past three days. This trend, combined with the improving sentiment, suggests that long-term holders are increasingly withdrawing SHIB from exchanges. In the context of cryptocurrency, an “outflow” typically indicates the transfer of assets from exchanges to personal wallets, often signaling potential upward price momentum and presenting a favorable buying opportunity. This withdrawal activity has been taking place near a critical support level of $0.000021 and the 200 Exponential Moving Average (EMA) on the daily chart.
Rising Open Interest
Today’s market dynamics have also seen a surge in interest from intraday traders. SHIB’s open interest (OI) has grown by 13% within the last 24 hours, highlighting increased trader engagement following the shift in market sentiment. This rise in OI signals that more traders are participating in SHIB, further supporting its bullish outlook.
Shiba Inu (SHIB) Technical Analysis and Upcoming Levels
Expert technical analysis indicates a bullish outlook for SHIB as it breaks out from its consolidation zone. The formation of a bullish morning star candlestick pattern at the 200 EMA support level suggests potential upward movement. If the current sentiment persists, SHIB could experience a 20% increase, reaching the next resistance level of $0.000028 in the near future.
Current Price Momentum
At the time of writing, SHIB is trading at approximately $0.000023, marking a price increase of over 6.5% in the past 24 hours. During the same timeframe, trading volume has climbed by 5%, indicating increased participation from traders and investors who are optimistic about SHIB’s future performance.
Overall, Shiba Inu (SHIB) is showing promising signs of a breakout from its recent consolidation phase. With strong on-chain metrics and rising trader interest, SHIB could be poised for significant gains, contingent on the continuation of the current market sentiment.
