Is SHIB on the verge of a breakout? On-chain data reveals the potential for a surge in Shiba Inu's price!
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Shiba Inu is performing strongly, leading the meme coin craze.
Despite market volatility, Shiba Inu (SHIB) continues to attract investor attention. Recently, its price increased by over 6%, reaching $0.00002284, while on-chain data indicates growing market confidence.
Decrease in exchange supply: According to Santiment data, SHIB's exchange stock has decreased, showing that investors are moving funds to cold wallets, reducing selling pressure.
Surge in whale activity: Large investors are noticeably increasing their trades, laying the foundation for the price increase.
Technical signals: Is a breakout imminent?
Recent technical charts suggest that SHIB may be on the verge of a breakout:
Inverse head and shoulders pattern: This classic pattern indicates a short-term target price of $0.000035 for SHIB; if a breakout occurs, it could aim for $0.000045.
Increase in open interest: Open contracts have risen by nearly 10%, further validating the bullish momentum.
Investor sentiment is highly optimistic.
Despite a slight decline in daily trading volume to $610 million, the market remains optimistic about SHIB's future. Against the backdrop of fund outflows from exchanges and whale support, this dog-themed meme coin is showing strong upward potential.
Future outlook: If the current trend continues, SHIB could reach $0.000035 in the short term, followed by a breakout to $0.000045, initiating a new round of increases.
Click the avatar to watch live and catch the bull market!
