Shiba Inu on the verge of breakout, SHIB eyes on 45% rally
- SHIB could soar by 45% to reach $0.0000365 if it closes a four-hour candle above the $0.000025 level.
- Currently, 77.8% of top traders on Binance hold long positions, while 22.2% hold short positions.
Shiba Inu [SHIB], the world’s second-largest crypto meme coin, is poised for a bull run after consolidating for nearly 10 days. Whales and institutions have reportedly acquired a significant 1.67 trillion SHIB tokens from exchanges, as reported by a prominent crypto expert.
Crypto whales grab 1.67 trillion SHIB tokens
Additionally, the expert highlighted a significant spike in exchange outflows observed on 7th November, which led to a massive 62% surge in SHIB’s price. This time, however, the experts and crypto enthusiasts are expecting a similar upside momentum for the meme coin.
Besides this massive acquisition, whales and investors appear to be increasingly active with SHIB, leading to a significant 98% rise in large transaction volume, according to the on-chain analytics firm IntoTheBlock.
The combination of these substantial acquisitions and the surge in large transaction volume indicates a strong buying opportunity and suggests bullish momentum.
SHIB technical analysis and key levels
According to expert technical analysis, SHIB was experiencing a breakout from a bullish descending triangle on the four-hour timeframe at press time.
Source: Trading View
Based on the current price action, if SHIB successfully breaks out and closes a four-hour candle above the $0.000025 level, there is a strong possibility that the meme coin could soar by 45% to reach the $0.0000365 level in the coming days.
Additionally, SHIB is currently trading above the 200 Exponential Moving Average (EMA) on both the four-hour and daily timeframes, signaling an uptrend. Meanwhile, its Relative Strength Index (RSI) indicates potential upside momentum in the coming days.
Bullish on-chain metrics
Beyond technical analysis, on-chain metrics further support the meme coin’s bullish outlook. According to the on-chain analytics firm Coinglass, SHIB’s open interest (OI) has been increasing aggressively, indicating heightened trader participation following the breakout.
In the past four hours, the meme coin’s OI has surged by 4.95% and an additional 2.15% in the most recent hour.
Additionally, SHIB’s long/short ratio on Binance currently stands at 3.50, reflecting strong bullish sentiment among traders. At present, 77.8% of top traders on Binance hold long positions, while 22.2% hold short positions.
Source: Coinglass
Is your portfolio green? Check out the SHIB Profit Calculator
The combination of these on-chain metrics and technical analysis suggests that bulls are currently dominating the asset and could support its upcoming rally.
At press time, SHIB was trading near $0.0000257 and has registered a gain of 1.2% in the past 24 hours. During the same period, its trading volume jumped by 10%, indicating heightened participation from traders and investors compared to the previous day.
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