In the past 24 hours, cryptocurrency giants have purchased 1.67 trillion SHIB tokens from exchanges.
If SHIB's four-hour closing price is above $0.000025, it may soar 45% to $0.0000365.
Currently, 77.8% of top traders on the Binance platform hold long positions, while 22.2% hold short positions.
Shiba Inu [SHIB] is the second-largest crypto meme coin globally and is about to enter a bull market after consolidating for nearly 10 days. According to a well-known crypto expert, whales and institutions have purchased 1.67 trillion SHIB tokens from exchanges.
Cryptocurrency giants have seized 1.67 trillion SHIB tokens
Additionally, experts emphasized that the significant increase in forex outflows observed on November 7 led to a massive 62% rise in SHIB's price. However, this time, experts and cryptocurrency enthusiasts expect a similar upward trend for this meme coin.
According to on-chain analysis company IntoTheBlock, in addition to this massive acquisition, a significant number of users and investors seem to be increasingly active with SHIB, leading to a 98% increase in large transaction volumes.
These massive acquisitions and the surge in trading volume indicate a strong buying opportunity and signal bullish momentum.
SHIB technical analysis and key levels
According to expert technical analysis, as of the time of writing, SHIB is breaking out of a bullish descending triangle on the four-hour timeframe.
According to the current price trend, if SHIB successfully breaks through and closes above $0.000025 in the four-hour candlestick chart, this meme coin is likely to soar by 45% in the coming days, reaching the level of $0.0000365.
Moreover, SHIB is currently above the 200-day 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
In addition to technical analysis, on-chain indicators further support the bullish outlook for this meme coin. According to data from on-chain analysis company Coinglass, SHIB's open interest (OI) has been significantly increasing, indicating heightened trader participation following the breakout.
In the past four hours, the meme coin's OI has surged by 4.95%, and it has risen another 2.15% in the last hour.
Furthermore, SHIB's long-short ratio 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.
As of the time of writing, SHIB's trading price is close to $0.0000257, up 1.2% in the past 24 hours. During the same period, its trading volume increased by 10%, indicating a higher level of participation from traders and investors compared to the previous day.
