In the current bullish market environment, many investors and traders are exploring various cryptocurrency options. While blue-chip cryptocurrencies remain a popular choice, there is a significant shift towards meme coins as they offer the potential for quick profits. One meme coin that has garnered substantial attention is Shiba Inu (SHIB). According to CoinPedia’s technical expert, SHIB, the second-largest cryptocurrency in the meme coin category, is positioned for significant upward momentum.
## Shiba Inu (SHIB) Technical Analysis and Potential Growth
An expert analysis reveals that SHIB has recently broken out from a tight consolidation pattern near the critical horizontal level of $0.0000295. This breakout suggests a clear path for potential upward movement. Based on current price action and technical indicators, there is a strong likelihood that SHIB could experience a 30% increase, potentially reaching the $0.000041 level in the near future.
The technical outlook is supported by SHIB’s position above the 200 Exponential Moving Average (EMA) on the daily chart, highlighting an ongoing uptrend. Furthermore, the Relative Strength Index (RSI) remains below the overbought threshold, indicating ample room for further appreciation. The RSI is a valuable tool for traders and investors, helping them identify whether an asset is oversold or overbought, thereby facilitating informed decision-making.
## Positive On-Chain Metrics
The promising price action of SHIB has attracted the attention of both whales and institutional investors, as evidenced by on-chain metrics provided by Coinglass.
### Significant SHIB Outflow from Exchanges
Recent data reveals a noteworthy outflow of approximately $51.63 million worth of SHIB from exchanges since early December 2024. In the realm of cryptocurrencies, outflow refers to the transfer of assets from exchanges to individual wallets, signaling accumulation by long-term holders. This trend suggests a favorable buying opportunity and points to potential upward momentum while reducing selling pressure.
### Strong Long Positions Among Top Traders
Confidence in SHIB is further corroborated by traders’ positions. The SHIB long/short ratio on Binance currently stands at 5, reflecting strong bullish sentiment. Notably, 83.35% of top traders on Binance are holding long positions, compared to 16.65% with short positions. This data underscores the optimism surrounding SHIB’s potential for future gains.
### Current Price Momentum
As of the latest update, SHIB is trading around $0.0000315, marking a price gain exceeding 4.35% in the past 24 hours. Concurrently, trading volume has surged by 80%, indicating increased participation from traders and investors responding to SHIB’s bullish prospects.
In conclusion, Shiba Inu (SHIB) is capturing the interest of both retail and institutional investors, driven by its technical indicators and on-chain metrics. With a favorable price outlook and strong market participation, SHIB presents a compelling opportunity in the evolving landscape of meme coins.
