The cryptocurrency market is active, Shiba Inu (SHIB) is gaining attention and showing upward potential

Click the avatar to watch the live stream and chat!

Recently, the increased activity in the cryptocurrency market has heightened interest in meme coins like SHIB. According to data from Santiment, the exchange supply of Shiba Inu (SHIB) has significantly decreased, indicating that investors are withdrawing funds from exchanges in favor of a long-term holding strategy. A reduction in exchange supply is often seen as a positive signal for the potential impact on SHIB's price.

Increased whale activity, rising investor sentiment

It is noteworthy that SHIB's whale activity has significantly increased recently. Large investors have intensified their focus on Shiba Inu, with a noticeable rise in the number of large transactions. This trend suggests that market interest in SHIB is gradually increasing, and potential upward price momentum is also strengthening. Experts point out that this on-chain data may have a positive impact on investor sentiment across the entire cryptocurrency market.

Shiba Inu's price trend is positive; technical analysis is bullish

From a price perspective, Shiba Inu's current price is $0.00002284, having risen over 6%. However, the daily trading volume has slightly decreased by 9%, dropping to $610 million. An encouraging sign is that the open positions in the futures market have increased by about 10%, indicating that investors have a positive attitude towards SHIB.

Technical analysis shows that SHIB is forming a clear inverted head and shoulders pattern, which is typically a bullish signal. Analysts believe that if SHIB's price breaks through $0.000035, it could trigger a new upward trend, pushing SHIB further up to $0.000045.

Looking ahead, SHIB may experience an upward trend

In summary, Shiba Inu's on-chain data and technical indicators provide investors with a positive outlook. As market interest in SHIB continues to heat up, these signals support the bullish trend it may experience in the future. Investors should pay attention to subsequent market dynamics, especially the opportunities that may arise when prices break through key levels.

Click the avatar to watch the live stream and chat!