Shiba Inu Price Prediction - 3 Reasons Why SHIB Is On The Right Track!
Market Sentiment Is Positive, Short-Term Liquidations May Help SHIB Price Rise
SHIB is once again in the spotlight, having recently broken out of a falling wedge pattern, signaling a possible wave of gains. As of now, SHIB is priced at $0.00001722, up 5.98% in 24 hours.
This new momentum makes one wonder: Can SHIB maintain this upward trend, or even drive the entire cryptocurrency market to rebound?
SHIB's price has been testing key positions, and there seem to be signs of a reversal. Bollinger Bands show tightening, with SHIB trading close to the upper band of $0.00001784, which means that volatility may increase and a new breakout is possible.
SHIB On-Chain Activity Heats Up - Is This A Sign Of Increased Interest?
Price increases are not the only driving force, on-chain activity is equally important. SHIB's data shows positive signs. Active addresses grew by 1.1% to 267 in the past 24 hours
At the same time, transaction volume also grew by 1.1% to a total of 7.41 million transactions. The increase in active addresses and transaction volume indicates that people are increasingly interested in SHIB, which is good news for its long-term prospects.
Bullish sentiment prevails in the long-short ratio of SHIB. We find that bullish sentiment dominates when analyzing the long-short ratio of SHIB. Currently, long positions account for 55.62%, while short positions account for only 44.38%. The long/short ratio is 1.2533, indicating that traders are mostly bullish on SHIB's upward trend.
This positive sentiment is expected to further boost SHIB's price, especially if more traders join the long ranks.
Liquidation impact - can it help SHIB reach the next level?
Looking at the liquidation data again, we find more clues. In the past 24 hours, SHIB's short-term liquidation amounted to $26.764 million and the long-term liquidation amounted to $21.424 million.
This means that shorts are under great pressure and may have to close their positions, pushing up the price of SHIB.
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