Shiba Inu (SHIB), the popular cryptocurrency coin and second in terms of market capitalization, is on the verge of breaking its ongoing consolidation, which it is facing over the last five trading days.
Today, December 25, 2024, 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 started to experience notable upward momentum.
On-chain bullish metrics
With this strong positive sentiment, interest in SHIB from traders and long-term holders appears to be increasing, as reported by on-chain analytics firm Coinglass. Additionally, current sentiment aside, long-term holders appear more confident about the meme coin.
$10 Million SHIB Release
SHIB spot inflow/outflow data revealed that exchanges saw a significant outflow of $10 million in SHIB over the last three days. At the same time, with recent sentiment, these outflows appear to be increasing, indicating that long-term holders continue to remove the asset from their exchanges.
In the field of cryptocurrency, “exit“refers to the flow of assets from exchanges into wallets, which indicates potential bullish momentum and an ideal buying opportunity.
However, this coin The bourse pullback and continued price consolidation occurred near a crucial support level of $0.000021 and the 200 exponential moving average (EMA) on the daily time frame.
Growing open interest
On top of all this, today’s intraday trader interest has also spiked, as SHIB’s open interest (OI) has increased by 13% in the last 24 hours. This rise in OI shows that traders have started to participate in the asset following the change in sentiment.
Shiba Inu (SHIB) Technical Analysis and Upcoming Level
According to expert technical analysis, SHIB appears bullish as it has broken out of a consolidation zone and formed a bullish morning star candlestick pattern at the 200 EMA support.
Based on recent price action, if this sentiment remains unchanged, it could rise by 20% to reach the next resistance level of $0.000028 in the future.
Current Price Dynamics
At press time, SHIB is trading near $0.000023 and has seen a price increase of over 6.5% in the last 24 hours. During the same period, its trading volume increased by 5% and has been growing steadily, indicating increased participation from traders and investors amid a bullish environment.