This MEME Coin Set For 30% Rally, In-depth Analysis
During this bull run, despite opting for blue-chip cryptocurrencies, most investors and traders opted for meme coins to make quick profits. In examining the growing interest in meme coins, CoinPedia’s technical experts highlighted that the second-largest crypto meme coin, Shiba Inu (SHIB), is poised for significant upward momentum.
Shiba Inu (SHIB) Technical Analysis and Upcoming Levels
According to expert technical analysis, SHIB A tight consolidation zone near the $0.0000295 level has been broken. With the recent breakout, the path for upward momentum appears clear. Based on the price action, the Meme token is likely to surge by 30% and reach the $0.000041 mark in the coming days.
On the positive side, SHIB is trading above the 200 exponential moving average (EMA) on the daily time frame, indicating an uptrend. Meanwhile, the relative strength index (RSI) is currently below overbought territory, suggesting that SHIB still has plenty of room to rise in the coming days.
RSI is a technical indicator that determines whether an asset is oversold or overbought, helping traders and investors make position decisions.
Bullish on-chain indicators
Along with this bullish price action, whales and institutions appear to be showing strong interest and confidence in the meme coin, according to Coinglass’ on-chain metrics report.
SHIB outflows $51.63 million from exchanges
According to SHIB spot inflow/outflow data, the exchange has seen a significant outflow of SHIB worth $51.63 million since early December 2024.
In the cryptocurrency world, outflows are the movement of assets from exchanges to wallet addresses, indicating that long-term holders have accumulated large amounts of meme coins. This outflow represents a perfect buying opportunity, hinting at underlying upside momentum and further mitigating selling pressure.
83% of top traders hold long positions
In addition to long-term holders, traders have also shown confidence in the meme coin. Data shows that the long-short ratio of Binance SHIB is currently 5, indicating strong bullish sentiment among traders.
Currently, 83.35% of the top traders on Binance hold long positions and 16.65% hold short positions.
Current Price Momentum
At press time, SHIB was trading close to $0.0000315, with the price rising by more than 4.35% in the past 24 hours. During the same period, its trading volume surged 80%, indicating increased participation from traders and investors in SHIB’s bullish outlook.
