Shiba Inu News: The meme coin sector has gained notable traction lately, with SHIB emerging as a leading player in the space. The crypto has caught the eyes of investors lately, especially after the crypto market witnessed volatile trading after the latest US FOMC. However, despite the volatile trading, SHIB on-chain metrics indicate a bullish momentum ahead for the crypto.

Shiba Inu News: SHIB On-Chain Metrics Hints At Breakout Ahead

The investors are keeping close track of Shiba Inu news, especially as the crypto has recorded a surge of over 6% today. Notably, the top meme coins like DOGE, SHIB, PEPE, and others have recorded massive volatility over the past few days, amid a broader crypto market crash. However, the recent performance indicates that the investors are regaining confidence in the risk-bet assets after a recent pause.

Meanwhile, the SHIB on-chain metrics also indicate a hovering bullish momentum in the market. According to Santiment data, the Shiba Inu exchange supply declined significantly, indicating that funds are flowing out of the top crypto exchanges. Notably, the declining exchange supply indicates that investors are moving out funds from exchanges, which in turn could significantly boost the asset’s price.

Source: Santiment

On the other hand, the whale activity also noted a significant increase recently, indicating a bullish momentum ahead. Santiment data showed that whale transactions have noted a robust surge recently, after muted activity over the past few weeks.

Source: Santiment

Considering all these aspects, the future of the top dog-themed meme coin looks promising. So, let’s explore how the SHIB price is performing and how the meme coin might perform in the coming days.

SHIB Breakout Ahead?

The positive Shiba Inu news, especially the on-chain metrics, appeared to have boosted the market confidence. SHIB price today was up more than 6% and exchanged hands at $0.00002284, while its one-day trading volume dropped 9% to $610 million. Furthermore, Shiba Inu Futures Open Interest jumped nearly 10%, indicating a bullish market momentum.

Amid this, the recent technical Shiba Inu price chart indicates a breakout ahead. For context, the inverse head and shoulder pattern indicates that the crypto could hit $0.000035 in the near term. Once this target is achieved, the crypto will rally to about $0.000045 ahead.

Source: TradingView

Meanwhile, a recent SHIB price analysis also indicates that the crypto could hit the $0.000035 mark in the near term. Considering all these positive trends of the coin, it appears that SHIB is gearing up for a breakout soon.

The post Shiba Inu News: SHIB On-Chain Metrics Hints At Breakout Ahead appeared first on CoinGape.

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Filed under: News - @ December 25, 2024 4:19 am