Shiba Inu (SHIB), the world’s second-largest crypto meme coin, is poised for upside momentum as it has formed a bullish price action pattern after experiencing a notable price decline in recent days. This bullish trend in the meme coin follows a shift in sentiment from negative to positive.
In the past few days, due to bearish market sentiment and a struggle to gain momentum, SHIB was found consolidating. However, as sentiment shifts and begins to recover, the meme coin has reached the breakout level of an ascending triangle price action pattern formed on the four-hour timeframe.
Based on historical price patterns, the meme coin has tested this level multiple times, experiencing selling pressure each time. However, sentiment now appears to be recovering, and the coin’s price is near the breakout level.
If SHIB successfully breaches the pattern and closes a four-hour candle above the $0.000017 level, there is a strong possibility it could soar by 20% to reach $0.000020 in the near future.
Looking at the bullish outlook, traders and investors have shown strong interest in the meme coin. Additionally, while some are betting on SHIB, others are dumping their holdings onto exchanges, according to Coinglass data.
Data from spot inflow/outflow reveals that exchanges have witnessed a significant inflow of $1.65 million worth of SHIB. This appears to coincide with the price surge, indicating a potential sell-off or dump. Such inflows onto exchanges have the potential to create selling pressure and further price declines.
Meanwhile, intraday traders seem optimistic as they have increased their open positions. SHIB’s open interest has risen by 12% in the past 24 hours, indicating the formation and buildup of new positions.
At press time, the major liquidation levels, where traders are over-leveraged, are at $0.00001545 on the lower side and $0.00001695 on the upper side. Traders are holding $1.26 million worth of long positions and $166,369 worth of short positions at these levels.
On-chain metrics back SHIB’s bullish short-term setup, but traders must watch for a decisive breakout above $0.000017 to confirm the uptrend.
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