Shiba Inu (SHIB) has recently gained attention for its outstanding performance and has become the focus of the memecoin market. Despite the cryptocurrency market, SHIB's on-chain data and technical analysis show that the digital asset may soon enter a bullish trend. After the recent 6% price increase, investors are feeling hopeful again.
Shiba Inu on-chain data and market indicators
Recent activity in the cryptocurrency market has increased interest in meme coins such as SHIB. According to data from Santiment, the exchange supply of Shiba Inu has decreased significantly. This suggests that investors are withdrawing funds from exchanges and adopting a long-term holding strategy. The reduction in exchange supply is considered a development that may have a positive impact on the price of SHIB.
Whale activity is also noteworthy. Large investors have recently intensified their activity with Shiba Inu. Data shows a significant increase in large transactions related to SHIB. This activity indicates a growing interest in Shiba Inu and potential for upward movement. Experts suggest that this data may also positively influence investor sentiment across the entire cryptocurrency market.
Technical Analysis and Future Expectations of SHIB
The price trend of Shiba Inu is also sending positive signals. Current data shows that the price of SHIB has reached $0.00002284, an increase of over 6%. However, the daily trading volume has decreased by 9%, down to $610 million. Another encouraging sign for investors is that the open interest in futures trading has increased by about 10%.
Technical analysis highlights a clear head and shoulders pattern, indicating that the price of SHIB could potentially reach $0.000035 in the short term. Analysts believe that surpassing this level could trigger a movement that might push Shiba Inu up to $0.000045. With growing interest in Shiba Inu, these technical signals support the anticipated bullish trend.
In summary, the on-chain indicators and technical analysis of Shiba Inu present a positive outlook for investors. The market performance of SHIB and its future expectations indicate that this meme coin is on the verge of an upward trend.
