Shiba Inu (SHIB) Price Prediction For December 25
Shiba Inu (SHIB), the popular and second-largest crypto meme coin by market cap, is poised to break out of the ongoing consolidation it has been facing for the past five trading days.
Today, December 25, 2024, sentiment across the cryptocurrency space appears to be shifting from a downward trend to an upward trend, as major assets such as Bitcoin (BTC), Ethereum (ETH), and XRP have begun to see significant upward momentum.
Bullish on-chain indicators
Along with this strong positive sentiment, interest in SHIB appears to be rising among traders and long-term holders, reports on-chain analytics firm Coinglass. Furthermore, beyond the current sentiment, long-term holders appear to have more confidence in meme coins.
$10 million SHIB outflow
SHIB spot inflow/outflow data shows that exchanges have seen SHIB outflows of up to $10 million in the past three days. At the same time, this outflow appears to be rising based on recent sentiment, indicating that long-term holders continue to withdraw assets from exchanges.
In the cryptocurrency space, “outflow” refers to the flow of assets from exchanges to wallets, signaling potential upside momentum and ideal buying opportunities.
However, this same corner The withdrawals from exchanges and the ongoing price consolidation occurred near the key support at $0.000021 and the 200 exponential moving average (EMA) on the daily time frame.
Open interest rises
In addition to this, intraday trader interest has also surged today, with SHIB’s open interest (OI) increasing by 13% in the past 24 hours. The rise in OI indicates that traders have started to participate in the asset as sentiment shifts.
Shiba Inu (SHIB) Technical Analysis and Upcoming Levels
According to expert technical analysis, SHIB looks bullish as it has broken out of the consolidation zone and formed a bullish morning star candlestick pattern at the 200 EMA support.
Based on recent price action, if this sentiment holds, a 20% surge to the next resistance level at $0.000028 is possible in the future.
Current Price Momentum
At press time, SHIB is trading close to $0.000023, with the price surging more than 6.5% in the past 24 hours. Its trading volume increased by 5% during the same period and has been rising steadily, indicating increased participation from traders and investors amid the bullish outlook.
