Shiba Inu (SHIB) Price Poised to Surge by 34% as Large Transaction Volume Spikes by 150%-web3.0-php.cn

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Shiba Inu (SHIB) Price Poised to Surge by 34% as Large Transaction Volume Spikes by 150%

Mary-Kate Olsen

Nov 10, 2024 pm 12:42 PM

Shiba Inu (SHIB) Buy Signal Trading Insights

Shiba Inu (SHIB), the popular and second-largest meme coin, is now poised for a significant upside rally after consolidating for more than six weeks.

Shiba Inu (SHIB) Price Poised to Surge by 34% as Large Transaction Volume Spikes by 150%

Shiba Inu (CRYPTO: SHIB) meme coin saw a large transaction volume of over 150% in the last 24 hours, according to data from IntoTheBlock.

What Happened: The second-largest meme coin displayed a bullish price action pattern with large transactions.

This surge in large transactions indicated a potential upside rally.

Shiba Inu Technical Analysis: Bullish Inverted Head-And-Shoulders Pattern, Upcoming Levels

Expert technical analysis suggested that SHIB formed a bullish inverted head-and-shoulders price pattern on the weekly and daily time frames.

The ongoing price consolidation indicated a possible large acquisition or accumulation of SHIB by whales and large investors.

Based on recent price action and historical momentum, if SHIB breaks through the neckline of the bullish pattern at the $0.000020 level and closes a daily candle above it, there was a strong possibility that the meme coin could surge by 34%, reaching the $0.000028 level in the coming days.

Currently, SHIB traded above the 200-day Exponential Moving Average (EMA) on the daily time frame, indicating an uptrend.

The 50-day and 200-day EMAs formed a golden crossover, which was a bullish signal for the asset.

Bullish On-Chain Metrics: Positive Outlook For SHIB

SHIB’s positive outlook was further supported by on-chain metrics.

According to data from on-chain analytics firm Coinglass, SHIB’s long/short ratio stood at 1.03, indicating bullish sentiment among traders.

The open interest had also surged — by 19% in the last 24 hours and 8.5% in the last four hours.

This rising open interest suggested growing trader interest in the meme coin, leading to a continuous increase in open positions as SHIB was poised for a breakout.

At press time, SHIB was trading at $0.000019 and experienced a price surge of over 7% in the last 24 hours.

During the same period, its trading volume increased by 30%, indicating heightened participation as the price approached the breakout level.

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