Shiba Inu (SHIB) Price Prediction for February 23
Shiba Inu (Shib) top meme coin shows strong bullish potential and has a confirmed double bottom pattern and an uptick in open interest.
Shiba Inu (Shib) price forecast on February 23
The overall cryptocurrency market appears to be recovering after the price drops following Bybit’s $1.4 billion crypto robbery. In this, shiba inu(Hebrew), the second most popular meme coin, is expected to achieve an important upward momentum due to the bullish price action pattern formed over the daily time frame.
Shiba INU (SHIB) Technical Analysis
According to expert technical analysis, Shib seems bullish because its daily chart forms a bullish double-bottom price action pattern. Furthermore, its technical indicators flashed a bullish difference, and the signal could be towards a potential upward momentum.
This prospect is further strengthened, and the meme coins also form a bullish candlestick pattern, enhancing its bullish potential.
Price forecast
According to recent price action and historical patterns, if Meme Coin Off Daily Candles are above the $0.00001565 level, there is a high chance that it will soar 30% to reach the $0.000020 level.
During the rally, meme coins initially soared 10% to confirm the double bottom pattern. Once this pattern is broken, the meme coins can continue to rise to the $0.000020 level.
Despite seemingly opinionated, the meme coins remain below the 200 exponential moving average (EMA) of the daily time range, indicating that the assets are still on a downward trend.
Current price motivation
Shib is currently trading at close to $0.00001565, which has soared over 5.10% over the past 24 hours. However, during the same period, its trading volume fell by 32%, with traders and investors lower participation rates compared to the previous day.
Mixed on-chain indicators
Through this bullish price action, sentiment seems to be different between traders and long-term investors. From Small shop It shows that traders are optimistic because they appear to be taking advantage of the current price momentum, thereby increasing positions for a long time, while open interest in meme coins has increased by 6%.
Meanwhile, long-term holders have been dumping their own shares. According to the data, the exchange has witnessed the inflow of $1.21 million worth of meme coins in the past 24 hours, indicating a potential sell-off.
Combining all of these metrics with technical analysis, it appears that the Bulls are currently dominating the assets, and the meme coins will soon soar.
