Shiba Inu [SHIB] is generating buzz once again, with its latest breakout from a falling wedge pattern signaling potential bullish momentum. At press time, SHIB was trading at $0.0000178, following a 5.98% hike over the last 24 hours.
Shiba Inuâs price has been testing crucial levels, showing signs of a possible trend reversal. The Bollinger Bands (BB) on the chart indicated tightening, with SHIB trading near the upper band at $0.00001784 â A sign of increased volatility and a potential breakout.
Additionally, the RSI sat at 65.36 at press time. This suggested that while SHIB may be approaching overbought territory, it still has room for upward movement. If the memecoinâs price holds above the midline, bullish momentum may continue to build.
A price hike alone isnât enough to fuel a sustainable rally. Therefore, itâs essential to consider on-chain activity and, SHIBâs data showed some promising signs. Over the last 24 hours, for instance, SHIBâs active addresses rose by 1.1%, hitting 267 at press time.
Additionally, the transaction count also climbed by 1.1%, bringing the total to 7.41k transactions. This uptick in both active addresses and transaction volume pointed to growing interest in SHIB â A positive indicator for its long-term prospects.
Additionally, analyzing SHIBâs long/short ratio revealed more bullish sentiment. At the time of writing, 55.62% of positions were long, with only 44.38% short. The long/short ratio sat at 1.2533, indicating that traders have been largely betting on SHIBâs upward trend.
Therefore, this positive sentiment could further strengthen SHIBâs price movement. Especially if more traders continue to open long positions.#BinanceTurns7 #BTCâ #shiba⥠#Binance $BTC $ETH $SHIB
