As of December 25, 2024, the cryptocurrency landscape is showing signs of a positive shift, with major digital assets such as Bitcoin (BTC), Ethereum (ETH), and XRP experiencing renewed upward momentum. Amidst this changing sentiment, Shiba Inu (SHIB), the second-largest meme coin by market capitalization, is on the verge of breaking its recent consolidation phase, lasting over five trading days. This development could signal a new chapter for SHIB in the crypto market.
Bullish On-Chain Metrics
The growing optimism in the market is mirrored by the increasing interest of traders and long-term holders in SHIB, as highlighted by the on-chain analytics platform Coinglass. The data suggests a growing confidence among long-term holders, which could be a precursor to further market activity.
$10 Million SHIB Outflow
Recent data from Coinglass has revealed a significant outflow of $10 million in SHIB from exchanges over the past three days. This trend of withdrawal persists as the bullish sentiment strengthens, indicating that long-term holders are moving their assets to wallets, hinting at potential price appreciation and an attractive buying opportunity.
In the context of cryptocurrency trading, an “outflow” generally indicates the transfer of digital assets from exchanges to private wallets. This movement often signals a positive sentiment, as investors tend to hold their assets in anticipation of price gains.
Interestingly, this substantial outflow and the continued price consolidation are occurring near a pivotal support level of $0.000021, which also aligns with the 200 Exponential Moving Average (EMA) on the daily chart.
Rising Open Interest
Adding to the positive outlook, the interest among intraday traders in SHIB has surged significantly. The open interest (OI) for SHIB has seen a 13% increase over the last 24 hours, reflecting a renewed participation from traders who are starting to act on the shifting market sentiment.
Shiba Inu (SHIB) Technical Analysis and Upcoming Levels
Technical analysis experts have noted that SHIB is displaying bullish characteristics. The cryptocurrency has successfully broken out from a consolidation zone, forming a bullish morning star candlestick pattern at the critical 200 EMA support level. This pattern is often indicative of a potential trend reversal, suggesting more upward movement could be on the horizon.
Assuming the prevailing market sentiment remains unchanged, SHIB has the potential to rise by 20%, targeting the next resistance level at $0.000028. This anticipated rise underscores the growing confidence among traders and investors in SHIB’s prospects.
Current Price Momentum
At the time of writing, SHIB is trading around $0.000023, having experienced a notable price surge of over 6.5% in the last 24 hours. Concurrently, SHIB’s trading volume has increased by 5%, indicating a sustained rise in trader and investor participation, all within the context of an increasingly bullish market outlook.
As SHIB continues to capture the attention of the crypto community, its ongoing developments and market movements are closely watched by analysts and enthusiasts alike, eager to see whether SHIB can sustain its current momentum and achieve new price milestones.
