This MEME Coin Set For 30% Rally, In-depth Analysis
The post This MEME Coin Set For 30% Rally, In-depth Analysis appeared on BitcoinEthereumNews.com.
In this bull run, despite opting for blue-chip cryptocurrencies majority of investors and traders opting meme coins for a quick profit. While examining the growing interest in meme coins, CoinPedia’s technical expert highlighted Shiba Inu (SHIB), the second-largest crypto-meme coin, as being poised for notable upside momentum. Shiba Inu (SHIB) Technical Analysis and Upcoming Level According to expert technical analysis, SHIB has broken out of a tight consolidation zone near the horizontal level of $0.0000295. With this recent breakout, the path for upside momentum appears clear. Based on price action, there is a strong possibility that the meme coin could soar by 30%, reaching the $0.000041 mark in the coming days. Source: Trading View On the positive side, SHIB is trading above the 200 Exponential Moving Average (EMA) on the daily timeframe, indicating an uptrend. Meanwhile, the Relative Strength Index (RSI) is currently below the overbought area, suggesting that SHIB still has enough room to soar in the coming days. RSI is a technical indicator that determines whether an asset is oversold or overbought, helping traders and investors make informed decisions about building positions. Bullish On-Chain Metrics With this bullish price action, it appears that whales and institutions have shown strong interest and confidence in the meme coin, as reported by on-chain metrics from Coinglass. $51.63 Million SHIB Outflow From Exchanges According to SHIB spot inflow/outflow data, exchanges have witnessed a significant outflow of $51.63 million worth of SHIB since the beginning of December 2024. Source: Coinglass In the cryptocurrency context, outflow refers to the movement of assets from exchanges to wallet addresses, indicating that long-term holders have accumulated significant amounts of meme coins. This outflow suggests a perfect buying opportunity, hints at potential upside momentum, and further reduces selling pressure. 83% Top Traders Hold Long Position In addition to…
Filed under: News - @ December 5, 2024 11:17 pm