Shiba Inu (SHIB) Eyes 15% Weekly Surge Amid Short-Term Bullish Trend Breakout

• Shiba Inu [SHIB] has shown a significant upward trend, outperforming several other cryptocurrencies.
• The memecoin’s bullish breakout has garnered attention, particularly its potential for further gains.
• Market analysis and on-chain metrics indicate more positive movement for SHIB is likely.

An in-depth look at Shiba Inu’s recent bullish trend and potential future price movements.

Shiba Inu’s Recent Performance and Market Structure

Shiba Inu [SHIB] has recently climbed past a key resistance range, gaining 15% since its low on July 12th. This recovery marks a significant performance improvement, especially compared to competitors like Pepe [PEPE]. On the six-hour chart, SHIB’s session closing above $0.000017 highlights its bullish momentum, also reinforced by technical indicators such as the Awesome Oscillator and the Chaikin Money Flow (CMF), which has remained over +0.04, signifying consistent buying pressure.

Technical Indicators and Metrics Supporting SHIB’s Bullish Signal

Technical analysis and on-chain metrics have both been bullish towards SHIB. The price action broke out of the short-term range and aimed towards the supply zone between $0.00002 to $0.000021. Despite the positive movement in the price, the broader market structure shows a long-term gradual downtrend beginning from April. This juxtaposition indicates that SHIB’s recent surge might be a corrective phase within a larger bearish trend.

Market Sentiment and Futures Data

While technical indicators suggest bullish potential, market sentiment seems cautious. Data from Futures markets revealed that traders were skeptical of SHIB’s momentum. The Funding Rate remained negative, indicating resistance towards the upward trend, and there wasn’t a notable increase in Open Interest over the weekend. Despite these anomalies, the liquidation of short positions may provide further upward momentum, fueling a potential short squeeze.

Implications for Traders and Investors

Given the confluence of positive short-term trends and cautious market sentiment, traders should approach SHIB with careful optimism. The immediate target lies within the $0.00002-$0.000021 range, and surpassing this could flip market skepticism into FOMO (Fear of Missing Out). Nevertheless, as SHIB is still within a longer-term downtrend, any investment should be weighed against potential reversal risks.

Conclusion

The recent performance of Shiba Inu [SHIB] demonstrates its potential for short-term gains amidst a generally bearish market backdrop. Technical indicators support a continued upward trend, but futures data show a cautious approach from market participants. Investors and traders should remain vigilant and consider both the present bullish metrics and the longer-term market structure before making trading decisions. The next movements within the $0.00002-$0.000021 range will be critical in determining SHIB’s follow-through potential.