December 25th $SHIB Price Prediction: Strong Bullish Sentiment, Amazing Future Gains!
Shiba Inu, this popular crypto meme coin, is currently brewing a breakout from the consolidation pattern of the past five days.
Today, December 25, 2024, the entire cryptocurrency market seems to be emerging from a slump, welcoming an upward trend. Mainstream assets like Bitcoin, Ethereum, and XRP have all shown significant upward momentum.
On-chain data shows positive signals
According to the on-chain data analysis platform Coinglass, in this positive market atmosphere, retail investors and long-term holders' interest in SHIB is gradually heating up. Besides the current market sentiment, long-term holders are especially confident in this meme token.
SHIB Funds Flowing Out of Exchanges
From the inflow/outflow of SHIB spot, exchanges have lost about $10 million worth of SHIB in the past three days. As market sentiment changes, this outflow trend seems to be intensifying, indicating that long-term holders are continuously moving assets from exchanges to wallets.
In the cryptocurrency space, "outflow" means assets are moving from exchanges to personal wallets, which is typically seen as a potential bullish signal and a good buying opportunity.
However, it is worth noting that this capital withdrawal and price consolidation are happening near SHIB's key support level of $0.000021 and the 200 Exponential Moving Average (EMA).
Open Interest on the Rise
Additionally, day traders' interest has also surged significantly, with SHIB's open interest spiking 13% in the past 24 hours. The rise in open interest indicates that traders have begun to actively engage with this asset as market sentiment shifts.
SHIB Technical Analysis and Future Outlook
From a technical analysis standpoint, SHIB is showing a bullish trend. It has broken out of the consolidation range and formed a bullish morning star pattern at the 200 EMA support level.
Based on recent price movements, if market sentiment remains optimistic, SHIB is expected to soar by 20% in the future, reaching the next resistance level of $0.000028.
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