Shiba Inu (SHIB), the popular and second-largest crypto meme coin by market cap, is poised to break its ongoing consolidation, which it has been facing for the last five trading days.
Today, December 25, 2024, the sentiment across the cryptocurrency landscape appears to be shifting from a downtrend to an uptrend, as major assets like Bitcoin (BTC), Ethereum (ETH), and XRP have begun witnessing notable upside momentum.
Bullish On-Chain Metrics
With this strong positive sentiment, traders’ and long-term holders’ interest in SHIB seems to be rising, as reported by the on-chain analytics firm Coinglass. Additionally, aside from the current sentiment, long-term holders appear more confident about the meme coin.
$10 Million SHIB Outflow
Data from the SHIB spot inflow/outflow revealed that exchanges have experienced an outflow of a significant $10 million in SHIB over the past three days. Meanwhile, with the recent sentiment, this outflow seems to be rising, indicating that long-term holders continue to withdraw the asset from their exchanges.
In the realm of cryptocurrency, “outflow” refers to the flow of assets from exchanges to wallets, which indicates potential upside momentum and an ideal buying opportunity.
However, this meme coin withdrawal from the exchanges and the continuous price consolidation have occurred near a crucial support level of $0.000021 and the 200 Exponential Moving Average (EMA) on the daily time frame.
Rising Open Interest
In addition to all this, today’s intraday traders’ interest has also soared, as SHIB’s open interest (OI) has increased by 13% in the past 24 hours. This rise in OI shows that traders have begun to participate in the asset following the shift in sentiment.
Shiba Inu (SHIB) Technical Analysis and Upcoming Level
According to expert technical analysis, SHIB appears bullish as it has broken out from a consolidation zone and formed a bullish morning star candlestick pattern at the 200 EMA support.
Based on the recent price action, if this sentiment remains unchanged, it could soar by 20% to reach the next resistance level of $0.000028 in the future.
Current Price Momentum
At press time, SHIB is trading near $0.000023 and has experienced a price surge of over 6.5% in the past 24 hours. During the same period, its trading volume increased by 5% and has steadily risen, indicating heightened participation from traders and investors amid a bullish outlook.