Shiba Inu (SHIB) the highest meme coin is exhibiting robust bullish potential with a confirmed double-bottom sample and rising open curiosity.
Shiba Inu (SHIB) Price Prediction for February 23
After a notable value drop following Bybit’s $1.4 billion crypto heist, the general cryptocurrency market seems to be recovering. Amid this, Shiba Inu (SHIB), the favored and second-largest meme coin, is poised for important upside momentum attributable to a bullish value motion sample forming on the day by day timeframe.
Shiba Inu (SHIB) Technical Evaluation
In response to knowledgeable technical evaluation, SHIB seems bullish as its day by day chart is forming a bullish double-bottom value motion sample. Moreover, its technical indicators have flashed a bullish divergence, signaling potential upside momentum.
Additional strengthening this outlook, the meme coin has additionally shaped a bullish engulfing candlestick sample, reinforcing its bullish potential.
SHIB Price Prediction
Based mostly on current value motion and historic patterns, if the meme coin closes a day by day candle above the $0.00001565 degree, there’s a robust risk it might soar by 30% to achieve the $0.000020 degree.
Through the rally, the meme coin initially surged 10% to substantiate the double-bottom sample. As soon as this sample is breached, the meme coin might proceed its upward momentum to hit the $0.000020 degree.
Regardless of this bullish outlook, the meme coin stays under the 200 Exponential Transferring Common (EMA) on the day by day timeframe, indicating that the asset remains to be in a downtrend.
Present Price Momentum
SHIB is at the moment buying and selling close to $0.00001565 and has surged over 5.10% up to now 24 hours. Nonetheless, throughout the identical interval, its buying and selling quantity dropped by 32%, indicating decrease participation from merchants and buyers in comparison with yesterday.
Blended On-Chain Metrics
With this bullish value motion, the sentiment amongst merchants and long-term buyers seems to vary. Information from Coinglass means that merchants are bullish, as they appear to be taking benefit of the present value momentum, resulting in elevated lengthy positions and a 6% bounce within the meme coin’s open curiosity.
In the meantime, long-term holders have been dumping their holdings. In response to information, exchanges have witnessed an influx of $1.21 million price of the meme coin up to now 24 hours, indicating a possible sell-off.
Combining all these metrics with technical evaluation, it seems that bulls are at the moment dominating the asset, and the meme coin might quickly skyrocket.
