Shiba Inu (SHIB), the popular and second-largest crypto meme coin, is poised for a price surge as it has formed a bullish price action pattern on its four-hour time frame. In addition, the overall market sentiment appears to be shifting from a downtrend to an uptrend, with SHIB seeming to breach its prolonged consolidation or channel pattern.
According to expert technical analysis, SHIB appears bullish as it is currently at the bottom of the channel pattern, or the lower boundary of the consolidation zone, where it has been for the past 32 days.
The SHIB daily chart reveals that the meme coin has been moving within a range between $0.00002013 and $0.00002466, and is currently at the lower boundary of this zone.
While examining the SHIB four-hour chart, it appears that this is the fifth time the meme coin has moved to the lower level. Based on the recent price action and historical price momentum, there is a strong possibility it could soar by 18% to reach the $0.00002466 level in the coming days.
On the positive side, with SHIB’s Relative Strength Index (RSI) at 44.37, it indicates a bullish signal and hints at a potential price reversal and upward momentum.
However, looking at the bullish price action and potential upside momentum, long-term holders seem to be accumulating the token, as revealed by the on-chain analytics firm CoinGlass. Data from spot inflows and outflows shows that exchanges have witnessed an outflow of over $32 million worth of SHIB in the past 48 hours.
This substantial outflow hints at potential accumulation, as outflow refers to the movement of assets from exchanges to investors’ wallets. It also suggests a potential buying opportunity, upside potential, and upcoming buying pressure.
When combining this on-chain metric with the technical analysis, it appears that bulls have begun to dominate, helping the meme coin reach the upper boundary of the consolidation zone.
Currently, SHIB is trading near $0.000021 and has experienced a price decline of over 1.85% in the past 24 hours. During the same period, its trading volume dropped by 58%, indicating lower participation from traders and investors compared to the previous day.
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