Shiba Inu (SHIB) Sees Strong Accumulation as Traders Eye Potential 20% Price Surge to $0.000025

• The recent surge in Shiba Inu (SHIB) trading activity suggests a bullish trend, with expectations that it could climb substantially in the near future.

• On-chain data indicates a significant $32 million outflow from exchanges, hinting at increased accumulation by long-term holders.

• As Coinglass reported, the Long/Short ratio among top traders on Binance stands at an impressive 3.79, further underlining the optimistic sentiment surrounding SHIB.

Shiba Inu’s price could rise by 20%, driven by strong bullish sentiment and significant trading activity, according to recent data from traders and on-chain metrics.

Factors supporting Shiba Inu’s bullish outlook

The current optimistic outlook for Shiba Inu (SHIB) is propelled by increasing investor interest, a series of bullish price movements, and strategic positioning by traders on platforms like Binance. This bullish sentiment has captured the attention of the crypto community, fostering an environment conducive to potential price increases.

Recent metrics from Coinglass reveal that within a short span of 48 hours, exchanges recorded a remarkable outflow of $32 million worth of SHIB. This large-scale outflow suggests that significant amounts of SHIB are being redirected to individual wallets, which could introduce upward pressure on prices as holders accumulate.

On-chain data also points out that both long-term investors and traders appear to be bullish on SHIB. Currently, the Long/Short ratio on Binance for SHIBUSDT stands at an impressive 3.79, indicating that nearly 79.11% of top traders are opting for long positions, compared to just 20.89% for short positions.

Source: Coinglass

Shiba Inu (SHIB) price action and technical analysis

The ongoing bullish behavior among traders aligns with the fact that SHIB is currently near a price level characterized by a history of significant reversals. According to technical analysis shared by COINOTAG, SHIB has been navigating within a parallel channel for the last 32 days, oscillating between $0.000020 and $0.000025.

As of the latest analysis, SHIB was hovering around the lower boundary of this channel, which may position it favorably for an imminent price increase. The overall trading activity suggests traders should be prepared for potential upward momentum as the price approaches historical resistance levels.

Source: TradingView

SHIB’s price prediction and current momentum

Given the current historical price trends, there is belief within the trading community that SHIB might experience a surge of up to 20%, potentially reaching the upper boundary of its current bullish channel. The four-hour chart indicates signs of a bullish divergence, suggesting increasing bullish momentum over the coming days.

The Relative Strength Index (RSI) for SHIB is currently situated near 45, signifying that the asset may be in an oversold condition, which often triggers significant upward movements in price.

At the time of this report, SHIB was trading around the $0.000020 level, showing a modest uptick of 1.25% over the past day, even though its trading volume has seen a decline of 28%, perhaps indicating a temporary pullback in trader activity.

Conclusion

In summary, Shiba Inu (SHIB) demonstrates a robust and bullish outlook supported by strong trading data and technical indicators. With such a notable percentage of traders taking long positions and significant outflows to wallet holders, the scenario appears conducive for future price appreciation. However, as always, investors should remain cautious and informed as market dynamics can shift rapidly.