Shiba Inu (SHIB) the top meme coin is showing strong bullish potential with a confirmed double-bottom pattern and rising open interest.
Shiba Inu (SHIB) Price Prediction for February 23
After a notable price drop following Bybit’s $1.4 billion crypto heist, the overall cryptocurrency market appears to be recovering. Amid this, Shiba Inu (SHIB), the popular and second-largest meme coin, is poised for significant upside momentum due to a bullish price action pattern forming on the daily timeframe.
According to expert technical analysis, SHIB appears bullish as its daily chart is forming a bullish double-bottom price action pattern. Additionally, its technical indicators have flashed a bullish divergence, signaling potential upside momentum.
Further strengthening this outlook, the meme coin has also formed a bullish engulfing candlestick pattern, reinforcing its bullish potential.
Based on recent price action and historical patterns, if the meme coin closes a daily candle above the $0.00001565 level, there is a strong possibility it could soar by 30% to reach the $0.000020 level.
During the rally, the meme coin initially surged 10% to confirm the double-bottom pattern. Once this pattern is breached, the meme coin could continue its upward momentum to hit the $0.000020 level.
Despite this bullish outlook, the meme coin remains below the 200 Exponential Moving Average (EMA) on the daily timeframe, indicating that the asset is still in a downtrend.
SHIB is currently trading near $0.00001565 and has surged over 5.10% in the past 24 hours. However, during the same period, its trading volume dropped by 32%, indicating lower participation from traders and investors compared to the previous day.
With this bullish price action, the sentiment among traders and long-term investors appears to differ. Data from Coinglass suggests that traders are bullish, as they seem to be taking advantage of the current price momentum, leading to increased long positions and a 6% jump in the meme coin’s open interest.
Meanwhile, long-term holders have been dumping their holdings. According to data, exchanges have witnessed an inflow of $1.21 million worth of the meme coin in the past 24 hours, indicating a potential sell-off.
Combining all these metrics with technical analysis, it appears that bulls are currently dominating the asset, and the meme coin could soon skyrocket.
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