Will Shiba Inu Continue Its Positive Momentum?
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Shiba Inu (SHIB) is drawing attention in the meme coin sector, showcasing impressive performance amid a fluctuating cryptocurrency market. Recent analyses reveal that SHIB may be on the brink of a bullish trend, with a notable 6% price hike encouraging investor optimism. What Does On-Chain Data Reveal About SHIB? Growing interest in meme coins like Shiba Inu is evident from recent market activities. Data from Santiment indicates a marked decline in SHIB’s supply on exchanges, suggesting that holders are opting to keep their assets long-term rather than trading them. This trend is perceived as a positive influence on SHIB’s price dynamics. How Are Technical Analyses Shaping Expectations for SHIB? Meanwhile, the current price of SHIB has reached $0.00002284, reflecting a healthy 6% increase. However, a 9% drop in daily trading volume to $610 million raises some questions. Encouragingly, a 10% rise in open positions in futures trading indicates growing interest. Technical indicators are also favorable, showcasing an inverse head and shoulders pattern that could propel SHIB to $0.000035 soon. Significant decrease in SHIB supply on exchanges suggests long-term holding. Increased whale activity reflects heightened interest in SHIB. Technical analysis forecasts potential price movement to $0.000035. Current price increase signals positive momentum for SHIB. Positive indicators from SHIB’s on-chain data and technical projections suggest that this meme coin is gearing up for an upward trend, potentially benefiting investors looking for growth opportunities in the cryptocurrency space. Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research. Source: https://en.bitcoinhaber.net/will-shiba-inu-continue-its-positive-momentum
Filed under: News - @ December 25, 2024 7:23 am