Shiba Inu (SHIB) has been making headlines as the top meme coin in the cryptocurrency market. With a confirmed double-bottom pattern and rising open interest, SHIB is showing strong bullish potential. As we look ahead to February 23, let’s delve into the price prediction and technical analysis for this popular digital asset.
Technical Analysis:
Experts have conducted a technical analysis of SHIB and have found that the daily chart is forming a bullish double-bottom price action pattern. This pattern indicates a potential reversal in the price movement of SHIB. Additionally, the technical indicators have flashed a bullish divergence, further supporting the potential upside momentum for SHIB. A bullish engulfing candlestick pattern has also been identified, adding to the overall bullish outlook for the meme coin.
Price Prediction:
Based on recent price action and historical patterns, if SHIB closes a daily candle above the $0.00001565 level, there is a strong possibility that it could surge by 30% to reach the $0.000020 level. During the rally, SHIB initially surged 10% to confirm the double-bottom pattern. Once this pattern is breached, the meme coin could continue its upward momentum to hit the $0.000020 level. Despite this bullish outlook, SHIB remains below the 200 Exponential Moving Average (EMA) on the daily timeframe, indicating that the asset is still in a downtrend.
Current Price Momentum:
SHIB is currently trading near $0.00001565 and has surged over 5.10% in the past 24 hours. However, the trading volume has dropped by 32%, suggesting lower participation from traders and investors compared to the previous day.
On-Chain Metrics:
Traders and long-term investors seem to have differing sentiments regarding SHIB. Data from Coinglass indicates that traders are bullish, taking advantage of the current price momentum and leading to increased long positions and a 6% jump in open interest. However, long-term holders have been seen dumping their holdings, with exchanges witnessing an inflow of $1.21 million worth of SHIB in the past 24 hours, indicating a potential sell-off.
In conclusion, combining technical analysis with on-chain metrics, it appears that bulls are currently dominating SHIB, and the meme coin could soon experience a significant price surge. As always, it is important for investors to conduct their own research and consider all factors before making any investment decisions in the cryptocurrency market.