Shiba Inu (SHIB), the popular dog-themed meme coin, is making waves with its recent price momentum following the formation of a bullish price action pattern on the daily time frame. The past few days have been favorable for the meme coin, as it has broken out from a descending trendline that acted as a resistance level and further confirmed a breakout from a bullish inverted head and shoulders pattern.
Following the breakout, SHIB turned bullish, partially shifting its market sentiment from a downtrend to an uptrend. According to CoinPedia’s technical analysis, if Shiba Inu’s price continues to rise and closes a daily candle above the $0.0000138 level, there is a strong possibility that the meme coin could surge by 45% to reach the $0.000020 level in the future.
Despite this positive development, Shiba Inu remains below the 200 Exponential Moving Average (EMA) on the daily time frame, keeping the meme coin in a downtrend.
As of now, SHIB’s Relative Strength Index (RSI) stands at 55, indicating strong momentum for the meme coin and suggesting that it has enough room to rise significantly.
At press time, SHIB is trading near $0.0000139, registering a price surge of over 2% in the past 24 hours. Meanwhile, the meme coin’s trading volume has increased by 6% during the same period, indicating heightened participation from traders and investors compared to the previous day.
With this bullish price action, intraday traders appear to be strongly betting on the long side, as reported by the on-chain analytics firm Coinglass.
Data reveals that traders are currently over-leveraged at $0.0000132 on the lower side and $0.00001413 on the upper side, having built $1 million in long positions and $270.50K in short positions.
Additionally, this over-leveraged level suggests that bulls are currently dominating the asset and could support the meme coin in its upcoming rally.
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