In the current bullish market, while many investors and traders are gravitating towards blue-chip cryptocurrencies, meme coins are gaining traction as a lucrative option for quick profits. This growing interest in meme coins has been observed by CoinPedia’s technical expert, who has identified Shiba Inu (SHIB) as a promising contender for significant upward movement. As the second-largest crypto meme coin, SHIB is positioned for potential growth, appealing to those seeking rapid gains in the dynamic cryptocurrency landscape.
## Shiba Inu (SHIB) Technical Analysis and Upcoming Levels
Expert technical analysis indicates that Shiba Inu (SHIB) has successfully broken out of a prolonged consolidation phase near the horizontal level of $0.0000295. This breakout signifies a clear path for further upward momentum. Based on current price action, there is a strong likelihood that SHIB could experience a 30% surge, aiming for the $0.000041 mark in the upcoming days.
On a positive note, SHIB is trading above the 200 Exponential Moving Average (EMA) on the daily chart, which is a strong indicator of an uptrend. Furthermore, the Relative Strength Index (RSI) is positioned below the overbought territory, suggesting that SHIB has ample room to grow further. The RSI is a crucial technical indicator that helps traders and investors assess whether an asset is oversold or overbought, thus guiding informed decisions regarding position building.
## Bullish On-Chain Metrics
The recent bullish price action of SHIB has garnered significant interest and confidence from whales and institutions, as evidenced by on-chain metrics from Coinglass. These metrics underline the growing appeal of SHIB among influential market players.
### $51.63 Million SHIB Outflow From Exchanges
Data on SHIB’s spot inflow and outflow indicate a notable outflow of $51.63 million worth of SHIB from exchanges since December 2024. This outflow signifies a strategic movement of assets from exchanges to individual wallet addresses, suggesting that long-term holders are accumulating substantial amounts of the meme coin. Such outflows often indicate a favorable buying opportunity, pointing to potential upward momentum while simultaneously reducing selling pressure.
### 83% of Top Traders Hold Long Positions
Retail traders have also demonstrated strong confidence in SHIB. The long/short ratio on Binance currently stands at 5, reflecting a robust bullish sentiment among traders. Notably, 83.35% of top traders on Binance are maintaining long positions, while only 16.65% are holding short positions. This overwhelming inclination towards long positions underscores the prevailing optimism in the market regarding SHIB’s future performance.
### Current Price Momentum
As of the latest update, SHIB is trading at approximately $0.0000315, having achieved a price gain of over 4.35% in the past 24 hours. Additionally, its trading volume has surged by 80% during the same period, indicating heightened engagement from traders and investors who are responding to SHIB’s optimistic outlook. This increase in trading activity reflects the broader market’s enthusiasm for meme coins like SHIB, which continue to offer enticing opportunities for profit amidst the ongoing bull run.
