December 25, 2024 Price Prediction for $SHIB : Bullish Sentiment Strong, Future Gains Incredible!
Shiba Inu, this popular crypto meme coin, is currently brewing a breakout from the consolidation pattern of the past five days.
Today, December 25, 2024, the entire cryptocurrency market seems to be emerging from a slump, welcoming an upward trend. Mainstream assets like Bitcoin, Ethereum, and XRP have all shown significant upward momentum.
On-chain data shows positive signals
According to data analysis platform Coinglass, in this positive market atmosphere, retail investors and long-term holders' interest in SHIB is gradually warming up. Besides the current market sentiment, long-term holders are particularly confident in this meme token.
SHIB outflows from exchanges
From the inflow/outflow of SHIB in the spot market, exchanges have lost about 10 million USD worth of SHIB over the past three days. As market sentiment changes, this outflow trend seems to be intensifying, indicating that long-term holders are continuously moving assets from exchanges to wallets.
In the cryptocurrency space, "outflow" means that assets are moving from exchanges to personal wallets, which is generally seen as a potential bullish signal and a good buying opportunity.
However, it is worth noting that this fund withdrawal and price consolidation happens to occur near SHIB's key support level of 0.000021 USD and the 200 Exponential Moving Average (EMA).
Open interest surges
In addition, day traders' interest has also surged significantly, with SHIB's open interest skyrocketing by 13% in the past 24 hours. The rise in open interest indicates that as market sentiment shifts, traders have begun to actively engage with this asset.
SHIB Technical Analysis and Future Outlook
From a technical analysis perspective, SHIB is showing bullish trends. It has broken through the consolidation range and formed a bullish morning star pattern at the 200 EMA support level.
Based on recent price trends, if market sentiment remains optimistic, SHIB is expected to soar 20% in the future, reaching the next resistance level of 0.000028 USD.
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