Shiba INU Price Movement and Potential Surge
If the price of Shiba INU remains above $0.0000136, it could rise by 15%, reaching the next resistance level of $0.000017.
Traders have leveraged positions with a lower bound at $0.00001413 and an upper bound at $0.00001513.
In the ongoing market recovery, Shiba Inu [SHIB], the popular dog-themed token, has captured attention with its impressive performance, overshadowing the major assets.
As of writing, Memecoin [surged] by over 10%, paving the way for further upward momentum.
Shiba INU Price Action and Upcoming Levels
If you’re wondering why Shiba Inu’s price is rising, it has begun to break through critical resistance levels and form a bullish inverted head and shoulders pattern. As of now, SHIB remains bullish.
Analysis by Ambcrypto indicates that if SHIB holds above $0.0000136, it could rise by 15% in the coming days.
This 15% increase matches the head length from the neckline and could push the token toward the next resistance level of $0.000017.
At the time of writing, SHIB was trading around $0.0000149, recording a surge of over 10% in the last 24 hours. During this period, its trading volume also increased by 45%, highlighting the growing participation of bullish traders and investors.
The Relative Strength Index (RSI) of SHIB is at 62, reflecting a strong bullish trend with room for growth. The token is still below the overbought territory, indicating potential for further upward movement in the coming days.
Positive Sentiment Rises
Shiba Inu’s bullish price movement has further strengthened its chain metrics.
According to Santiment, the overall weighted sentiment for Shiba INU has recovered significantly in recent days, increasing from -0.601 to 0.00061.
This improvement reflects an increase in optimism among traders and social media investors, playing a crucial role in driving the price upward.
However, if the weighted sentiment continues to improve, Shiba INU’s price could continue its upward trajectory.
Key Liquidation Levels
According to Coinglass, the bullish outlook has been further reinforced by intraday traders strengthening their positions.
Data shows that traders have leveraged positions with a lower bound at $0.00001413 and an upper bound at $0.00001513. They have built long positions worth $1.63 million at these levels, while short positions at these levels are valued at $430,000.
This suggests that the bulls currently have the upper hand in dominating the Memecoin market activity.
