The price of Shiba Inu Coin (SHIB) is about to skyrocket by 30%. Is it really going to go against the grain?
Despite this high-profile acquisition, the meme coin has not experienced significant gains, but has gained modest momentum of 4%. Currently, SHIB is trading close to $0.000022, with the price increasing by over 7.65% in the past 24 hours.
During the same period, its trading volume increased by 53.21%, indicating increased participation from traders and investors amid changes in market sentiment.
Following this massive acquisition and price surge, SHIB broke out of a descending triangle price action pattern on the four-hour time frame, signaling a shift in market sentiment among traders and investors.
Recent price action suggests that if SHIB’s four-hour candle closes above the $0.00002250 mark, a massive 30% rise to $0.000029 mark is highly likely in the near future.
On the positive side, SHIB’s relative strength index (RSI) currently stands at 58.9, which means it is below overbought territory. This suggests that the asset has ample room for upside in the future.
SHIB's open interest has risen 16% in the past 24 hours, reflecting growing trader confidence and interest, the data showed.
Furthermore, on-chain indicators show that SHIB’s long-to-short ratio currently stands at 1.09, indicating that traders are strongly bullish on the market. Currently, 52.37% of the top traders are holding long positions, while 47.63% are holding short positions.
Combining these on-chain indicators with technical analysis shows that bulls currently dominate the asset and are likely to help the meme coin break above the $0.00002250 barrier, setting the stage for further upward momentum.
