Shiba Inu [SHIB] is the second largest crypto meme coin globally, on the verge of a bull market after consolidating for nearly 10 days.
Cryptocurrency giant seizes 16.7 trillion SHIB tokens
Moreover, a significant increase in outflows observed on November 7 led to a substantial 62% rise in SHIB's price. However, this time, I expect a similar upward momentum for this meme coin.
In addition to this large-scale acquisition, massive user and investor activity seems to be increasingly active in SHIB, leading to a significant 98% increase in large trading volumes.
These massive acquisitions and the surge in large trading volumes indicate strong buying opportunities and herald bullish momentum.
SHIB technical analysis and key levels
At the time of writing, SHIB is breaking out of a bullish descending triangle on the four-hour timeframe.
Based on the current price trends, if SHIB successfully breaks and closes above $0.000025 on the four-hour candlestick chart, this meme coin is likely to soar by 45% in the coming days, reaching a level of $0.0000365.
Additionally, SHIB is currently above the 200 Exponential Moving Average (EMA) on both the four-hour and daily charts, indicating an upward trend. At the same time, its Relative Strength Index (RSI) suggests a potential upward momentum in the coming days.
Bullish on-chain indicators
Apart from technical analysis, on-chain indicators further support the bullish outlook for this meme coin. According to data from on-chain analytics firm Coinglass, SHIB's Open Interest (OI) has been significantly increasing, indicating heightened trader participation after the breakout.
In the past four hours, the meme coin's OI surged by 4.95%, and it rose another 2.15% in the last hour.
Additionally, the long-short ratio for SHIB on Binance is currently 3.50, reflecting strong bullish sentiment among traders. Currently, 77.8% of top traders on Binance hold long positions, while 22.2% hold short positions.
The combination of these on-chain indicators and technical analysis suggests that bulls currently dominate the asset and may support its upcoming rebound.
At the time of writing, SHIB is trading close to $0.0000246, up 2.37% in the past 24 hours. During the same period, its trading volume increased by 10%, indicating a rise in trader and investor participation compared to the previous day.
