Shiba Inu Price Analysis: Traders Push For a 22% Breakout

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As a seasoned crypto investor with a knack for spotting trends and navigating market volatility, I find myself intrigued by the current state of Shiba Inu (SHIB). After months of sideways movement, it seems that SHIB is on the brink of a potential breakout from its 20-day consolidation zone. The daily candle is precariously close to bursting through the resistance level, a move that could potentially propel SHIB prices higher.

The price of Shiba Inu is nearly ready to burst out from a 20-day holding pattern. While other cryptocurrencies have surged ahead, Shiba Inu has found it difficult to escape the grip of the bears. However, this situation may shift soon, as the daily Shiba Inu chart shows a significant chance of breaking above the range. The current resistance level, having been tested previously, might be reinforced. Despite less whale activity, profitability is skyrocketing. Could traders help Shiba Inu investors recover their profits?

Shiba Inu Price as Kusama Wishes Shibarium Happy Birthday

Shytoshi Kusama, the main developer of Shiba Inu, posted a “Happy Birthday” animated image accompanied by the hashtag “#Shibarium”, to mark the first anniversary of the SHIB network.

#shibarium

— Shytoshi Kusama (@ShytoshiKusama) August 22, 2024

As a proud crypto investor, I recently shared my excitement about Shibarium’s impressive milestones and continuous progress, highlighting their remarkable achievements along the way.

Celebrating its first anniversary, Shibarium offered rewards to SHIB investors as the value of SHIB rose by 1.5% within the past day, reaching $0.00001437 on trading platforms. Furthermore, according to Santiment analytics, the daily transaction volume in terms of profit versus loss reached a 7-month peak at 6.45.

Shiba Inu Price Analysis: Traders Push For a 22% Breakout

6.45 Shiba Inu transactions ending in profit outnumber those resulting in a loss today, indicating that Shiba Inu investors have made more profits than losses so far. Nevertheless, about 72.79% of Shiba Inu holders currently find themselves in the red, potentially changing soon if the expected breakout occurs as anticipated.

According to the Coinglass Crypto Derivatives Visualizer, the open interest (OI) grew by 0.85% within the last 4 hours, and the price also experienced an upward trend during this period. An increase in both OI and price typically indicates that traders are buying into long positions, as they anticipate the SHIB price to climb higher due to their bullish sentiment.

Shiba Inu Price Analysis: Traders Push For a 22% Breakout

Previously noted, the movement in Shiba Inu’s price suggests a positive outlook, with investors consistently wagering that its value will increase further.

SHIB Price Wants to Breakout

Looking at the current Shiba Inu price movement, there seems to be a hint of a trend reversal following a recent decline. The prices are stabilizing within a flat range, suggesting potential consolidation. Moreover, a bullish pattern is discernible as the SHIB price surpasses its 21-day Exponential Moving Average (represented by the red line), which could indicate a potential switch in momentum from bearish to bullish.

If it surpasses its current level, Shiba Inu may face resistance at approximately $0.00001450 and $0.00001554. Should it continue to rise, the next significant resistance can be found around $0.00001783.

Based on the technical analysis, it appears that Shiba Inu (SHIB) is experiencing robust buying interest, as indicated by the indicators. However, should the price fail to surpass its 50-day Exponential Moving Average, this upward trend could prove temporary.

Maintaining a significant price jump over the 50-day Exponential Moving Average (EMA) accompanied by higher trading volumes could potentially signal a long-term bullish trend reversal, aiming for approximately $0.00001783 in the future.

Shiba Inu Price Analysis: Traders Push For a 22% Breakout

If Shiba Inu can’t manage to surge beyond its current price band, there’s a possibility it could plummet down to approximately $0.00001290 due to market instability. This potential decline might challenge the prevailing optimistic outlook, potentially invalidating the current bullish trend.

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2024-08-23 12:44