Shiba Inu (SHIB) tops Crypto market with 20% gain, what’s next?
On September 27, 2024, the entire cryptocurrency market experienced a price reversal during which the Shiba Inu (SHIB) outperformed the major cryptocurrencies. According to coinmarketcap data, SHIB has experienced a massive price increase of over 20% in the last 24 hours and is currently trading at $0.0000187.
SHIB current performance
During the same period, the transaction volume increased by 220 percent. At this significant price, you might think that SHIB's price rally will continue or we will see a price correction in the coming days.
Shiba Inu technical analysis and key levels
According to CoinPedia's technical analysis, with the dramatic price jump, SHIB hinted at a recent downtrend line and reached a strong resistance level at $0.000020. If it breaks through this barrier and closes the daily candle above the $0.0000213 level, SHIB could rise by 35% to the $0.0000285 level and move higher if the sentiment remains unchanged.
Furthermore, SHIB is currently trading above the 200 Exponential Moving Average (EMA) on a daily time frame, indicating an uptrend. This breakdown and the price above the 200 EMA changed the overall market sentiment.
As it has been declining since March 2024, this breakout appears to be a strong bullish revival for SHIB and has created high hopes among investors and traders.
Bullish On-Chain Indicators
As of now, the Coinglass SHIB Long/Short ratio currently stands at 1.015, indicating high market sentiment among traders. Additionally, the futures open interest rose 39%, which may indicate that bulls are betting more on long positions than short positions.
Often, traders consider a combination of open interest and a long/short ratio greater than 1 when building long positions. Currently, 50.53% of top traders hold long positions while 49.47% hold short positions.
